The Public Investment Corporation (PIC) has terminated the employment contract of its executive head of listed investments, Fidelis Madavo.
Madavo was suspended by the PIC board in January 2019 on the basis of a preliminary report into the PIC’s investment in listed technology company Ayo Technology Solutions. The preliminary report had indicated that governance and PIC approval processes had been disregarded when the transaction was concluded.
Upon receipt of the preliminary report, the PIC instituted a disciplinary process against Madavo.
After representations from both the PIC and Madavo, it was recommended that Madavo be relieved of his duties on the basis of gross misconduct.
The PIC board on Tuesday said it welcomed the decision and that it regarded this as an important step towards efforts to restore ethical behaviour and good corporate governance.