CEO 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
Standard Bank executives forced former Public Investment Corporation CEO Dan Matjila to retract a letter he had signed requesting mortgage finance company SA Home Loans pay a questionable fee to a director.
It also facilitated the acquisition of a further 25% interest on behalf of a BEE consortium, Bolatja Hlogo, led by businessman Kholofelo Maponya. Following the acquisition, the PIC kept its word, and put together a funding arrangement that saw it making a R9bn facility available to the company using GEPF money. For doing this, the GEPF would be entitled to a 0.5% fee payable by SA Home Loans.
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.
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 »
Inquiry hears about more alleged PIC sweetheart dealsA pattern of the PIC taking public servants’ savings to lend to select businessman to obtain large stakes in established businesses came strongly into focus at the Mpati inquiry
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 »
PIC inquiry hears testimony on poultry farm bailoutQuestions are being raised over a R1.2-billion investment the Public Investment Corporation made into an insolvent company.
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 »
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 »
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 »
PIC inquiry hears testimony on poultry farm bailoutQuestions are being raised over a R1.2-billion investment the Public Investment Corporation made into an insolvent company.
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 »