By Feroza Petersen
In the wake of the SENS announcement by AYO Technology Solutions (AYO) detailing the terms of the settlement deal between AYO and the Public Investment Corporation (PIC), News24 opted for a sensationalised, factually incorrect headline: "After sinking R4bn into AYO, PIC will only get R619m back in new deal."
Authored by Jan Cronje, this misleading headline aimed to distort the reality of the agreement, suggesting that the PIC would recover merely a fraction of its initial investment in AYO. News24 later removed the word "only" in their supposed "correction" of the headline, but it remains an outright lie, factually incorrect, and fake news even with the attempted "correction".
The article and false narrative seem intended to undermine the legitimacy of the settlement and perpetuate the damaging narrative that has been employed against AYO and its shareholder, Dr Iqbal Survé, for years. News24's persistent smear campaign against AYO and Dr Survé is a clear departure from the ethical principles of journalism and has significantly hindered AYO's ability to operate effectively in a competitive market.
Many in the hostile media did not expect or want the settlement because it did not achieve their desired objective: to destroy AYO and Survé.
News24's distorted reporting creates a toxic environment that discourages potential investors and partners from engaging with AYO and other black-owned companies, ultimately impeding the company's economic activity. It appears that News24 is intentionally targeting AYO's share price in the aftermath of the court settlement.
A historical analysis of News24's coverage of AYO reveals a consistent pattern of biased and defamatory reporting. Since the beginning, News24 has aggressively driven a negative narrative about the investment.
The Mpati Commission was primarily formed due to the high volume of adverse reports in the media. According to their Terms of Reference, the commission was tasked with inquiring "whether any alleged impropriety regarding investment decisions by the PIC in media reports in 2017 and 2018 contravened any legislation…"
The AYO-PIC court settlement ended the "five years of hell" AYO endured at the hands of propaganda media and smear artists. As reported after the conclusion of the deal, both PIC and AYO sought to refocus on operations and bring value to shareholders. However, News24 and hostile media have seized this as an opportunity to further undermine and destroy this black-owned IT company.
Despite their unresolved issues with the PIC, Steinhoff never received as much negative attention. The company was given space to "recover" following its demise. Similarly, Tongaat-Hulett has largely escaped the media's scrutiny, despite its massive accounting scandal costing investors billions. Criminal cases are ongoing in court.
The biased and defamatory media coverage dedicated to AYO appears to be driven not only by a desire to inflict reputational damage but also by an underlying racist agenda. Black businesses are seemingly not allowed to operate or progress in the business environment, even when they are clean and have not committed transgressions.
News24's relentless assault on AYO serves as a stark reminder of the dangers of fake news and the need for responsible journalism. In a world where the media wields enormous power to shape public opinion, ethical reporting is crucial to ensure that businesses are allowed to operate on a level playing field.
* The views expressed do not necessarily reflect the views of IOL or Independent Media.
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