Standard’s Sim Tshabalala ‘stopped dubious R45m PIC payment’
CEO Sim Tshabalala intervened to prevent former Public Investment Corporation boss Dan Matjila facilitating a 'potentially irregular' R45m fee
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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.