General SENS Submitter Company - GEN General AYO Technology Solutions Limited

GEN – General – AYO Technology Solutions Limited

GEN – General – AYO Technology Solutions Limited


AYO Technology Solutions Limited (the “Company”)


Stakeholders are referred to evidence given under oath in relation to the Company and its executives
before the PIC Commission of Inquiry (“Commission”). On 8 April 2019, two former executives of the
Company testified that executives of the Company were instructed to amend the numbers contained
in the Company’s unaudited interim results for the six months ended 28 February 2018 (“2018
unaudited interim results”) to reflect an inflated number to the market.


These allegations are of serious concern to the JSE as the accuracy and reliability of the financial
information published by companies are of critical importance and is a foundational cornerstone of a
fair, efficient and transparent market of the JSE’s, and any regulated market. In addition hereto, the
investing public relies on a company’s published financial information to make important investment
decisions. The JSE has, for these reasons and in accordance with its regulatory duties and
responsibilities, adopted its Listings Requirements to ensure that companies’ published financial
information is accurate.


Although auditors are not required to provide assurance on interim financial results (with certain
exceptions), the JSE has in light of the uncertainty in respect of the 2018 unaudited interim results and
the importance of accurate financial information, specifically requested the Company to engage with
its external auditors on an urgent basis to obtain an audit opinion on its 2018 unaudited interim
results. The JSE has also requested that the Company’s external auditors provide an opinion on the
unaudited interim results for the six months ended 28 February 2019. The JSE has requested the
Company to report the outcome of these engagements to the JSE and the market.


In addition to the above, the JSE is aware of the numerous other allegations against the Company as
cited in recent media reports and other testimonies provided to the Commission. The JSE is currently
conducting various investigations in respect of these matters but it would be highly irregular and
unlawful for the JSE to comment on or provide any information in respect of these ongoing
investigations. The JSE is required to establish all the facts pertaining to these allegations and afford
affected parties an opportunity to respond before any action can be taken.


10 April 2019

Date: 10/04/2019 04:33:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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