[pretoria] - #PICInquiry: Asset manager indicated resistance to BT deal

  |   Pretorianews

PRETORIA – The Public Investment Corporation (PIC) indicated a resistance to the British Telecommunications (BT) transaction, the PIC Commission of Inquiry was told on Tuesday.

Sekunjalo chairperson Dr Iqbal Survé, when making his submission to the commission said this was conveyed to the company by former AYO executive, Kevin Hardy.

Evidence submitted by several PIC executives, indicated that the AYO strategic alliance with BT South Africa, was key to its investment in the technology company.

Survé spoke about the toxic public media context that arose while the BT transaction was being negotiated and the knock-on effect. “What this meant is that BT became very concerned about the reputational harm that it would sustain if the transaction proceeded.”...

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