Former Public Investment Corporation CEO Dan Matjila.
Picture: Gallo Images
On Wednesday, Ian Sinton, special senior counsel at Standard Bank, took the PIC commission of inquiry through the details of ongoing clashes that mortgage finance company, SA Home Loans, has been having with one of its directors Maponya whose consortium holds a 25% stake in the company. But Maponya returned to the PIC and obtained a cession letter indicating that the GEPF would relinquish any claim to the transaction fees and these should rather be paid to MMI. The cession letter was signed by Matjila and named Rajdhar as the originator.
Shortly after the meeting, the PIC retracted the cession letter, a decision Maponya sought to challenge but eventually conceded in writing that “the payment should no longer be effected”.But that would not be Maponya’s last attempt to squeeze out the transaction fees that he believes he is entitled to.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Standard Bank forced Matjila to retract ‘irregular’ letter in deal, PIC inquiry toldCEO Sim Tshabalala threatened to report former PIC CEO Dan Matjila to regulators over a R45m fee its subsidiary SA Home Loans was asked to pay
Read more »
Dan Matjila, other PIC executives reported to the Hawks, inquiry hearsStandard Bank legal counsel Ian Sinton said the executives had been reported to the Hawks in relation to the alleged facilitation of an irregular R10 billion loan that included a R45 million kickback from the PIC.
Read more »
Former PIC CEO Matjila could face Hawks probeThe former CEO of the Public Investment Corporation Dan Matjila has been linked to several damning allegations relating to a deal with SA Home Loans.
Read more »
Shady PIC home loan deal reported to HawksSeveral people from the PIC have been reported to the Directorate for Priority Crime Investigation regarding a suspicious deal.
Read more »
Leaked WhatsApps reveal how access to PIC execs may have led to dodgy dealsThe PIC, entirely owned by government, is the largest investor on the continent and manages government pension and other funds.
Read more »
Leaked WhatsApps: How access to PIC execs may have facilitated dealsLeaked messages show how a little-known businessman, Lawrence Mulaudzi, gained an inside track with the PIC and its then-CEO, Dan Matjila, setting his sights on becoming a billionaire with pensioners’ money.
Read more »
The PIC and VBS-linked deals that will keep lawyers busyAn application to liquidate two small companies reveals the movement of millions of rand.
Read more »
PIC’s investment of R1.2bn in failed chicken farm unpacked at inquiryUDM's Bantu Holomisa alleges that 'a cartel of PIC beneficiaries' were being 'empowered continuously'.
Read more »
PIC inquiry told about terms of Daybreak deal to select investorsTestimony implies Matome Maponya Investment Holdings got the corporation to fund its 54% stake in the business and provide all required debt while receiving a fee of nearly R12m
Read more »
Iqbal Survé intimately involved in Ayo listing, PIC inquiry toldAbdul Malick Salie directly contradicts Survé’s denial that he had nothing to do with the listing
Read more »