Standard Bank CEO Sim Tshabalala intervened to prevent former Public Investment  Corporation (PIC) boss Dan Matjila from facilitating a questionable R45m fee for a businessman the asset manager had helped to acquire a stake in mortgage provider SAHome Loans. This is according to Standard Bank special counsel Ian Sinton’s testimony at the Mpati commission of inquiry into alleged governance failures at the PIC on Wednesday. He was giving his version of events surrounding the latter’s acquisition of shares in SA Home Loans after US bank JPMorgan offloaded its 50% stake in the wake of the global financial crisis. The PIC, which is the biggest investor on the JSE and has more than R2-trillion in assets, agreed to buy a 25% share directly on behalf of its largest client, the Government Employees Pension Fund (GEPF), and facilitate the acquisition of a further 25% interest by an empowerment consortium led by businessman Kholofelo Maponya. Standard Bank, which owns 50% of SA Home Loans, wan...

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