Fedusa dismisses general secretary Dennis George

Federation of Unions of South Africa (Fedusa) general secretary Dennis George has been dismissed, following corruption allegation charges laid against him, EWN reported on Friday. 

This was confirmed to EWN by Fedusa president Masale Selematsela.

George’s investment company Difeme Holdings is said to have benefitted from pre-listing shares by Ayo Technology Solutions. 

ALSO READ: Iqbal Survé helped Ayo ‘thumbsuck’ their valuation, says CIO

It is reported that Difeme received shares at R1.50, but the Public Investment Corporation (PIC) received shares at R43. 

An ongoing investigation into the PIC revealed that independent media owner Iqbal Survé’ allegedly inflated Ayo’s valuation from an estimated R2.3 billion to between R10 billion and R15 billion. 

Ayo’s chief investment officer Malick Salie, who’s since resigned from the board of Ayo, implied that Survé’ had a strong influence on the valuation of Ayo. 

Fedusa suspended Dennis George and placed him on special leave in February, as Ayo Technologies were being investigated at the PIC inquiry. 

George’s position at Fedusa, as well as his position as a non-executive director of Ayo, was said to have presented a conflict of interest. 

(Compiled by Nica Schreuder)

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