The PIC’s great SA Home Loans shakedown
CEO describes the enormous pressure he was put under to pay an 'arranging fee'
The CEO of SA Home Loans, one of the country's largest mortgage lenders, has described the immense pressure he was placed under to pay an enabling fee demanded by the company’s empowerment partner.
Kevin Penwarden on Wednesday described how Kholofelo Maponya threatened and coerced the company to pay a R45m “arranging fee” he believed he was owed in relation to the provision of a R9bn facility by the Government Employees Pension Fund (GEPF). The facility, which advanced home loans to government employees, was made available to SA Home Loans in 2015...