Sunday Times reported on Sunday that African Equity Empowerment Investments founder Iqbal Surve used the R4.3bn in government pension money that the Public Investment Corporation put into Ayo Technology as "his own personal piggy bank".
Surve is a shareholder in Ayo Technology through the African Equity Empowerment Investments.
The PIC is being probed through a commission of inquiry around its operations and the circumstances surrounding investments that have raised misgivings about the investment company's governance, including Ayo Technology.
The paper said PIC invested the R4.3bn in a 29% stake in the company (or R43 per share) when its real value was at 15 cents per share.
The Sunday Times cites emails, board meeting resolutions and voice recordings, which point to attempts to transfer huge parts of the R4.3bn from PIC out of Ayo's account into other companies owned by Surve.