But he said that the PIC had made it clear to the company that no deal would take place without the participation of a black economic empowerment (BEE) partner.
Matjila said that the PIC was working with the GEPF to create products for members that would benefit.
Matjila told the Lex Mpati Commission tasked with looking into the affairs of the asset manager that the only BEE partner that came forward was Kholofelo Maponya’s Matome Maponya Investments (MMI).
He, however, stressed that the PIC never introduced MMI to SAHL, but MMI approached the PIC for funding to exit JP Morgan. Maponya has taken legal action against the PIC and SAHL for failure to honour a R45million transaction fees agreement he had reached with the PIC.