Standard Bank CEO Sim Tshabalala intervened to prevent former Public Investment Corporation 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.
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. Standard Bank, which owns 50% of SA Home Loans, wanted the new shareholder to have sufficient resources to support the company in tough times because the nature of its business meant it needed access to large pools of capital.
But Sinton and, later, Tshabalala did not take kindly to this. Sinton said the bank viewed the cession"as a method of paying for services allegedly rendered by Mr Maponya to the PIC as being potentially irregular".
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