Retired Judge Lex Mpati. File Photo: IOL
JOHANNESBURG - The Public Investment Corporation (PIC) Commission of Inquiry continues today in Pretoria. 

Following yesterday's events, SA Home Loans (SAHL) will hold a board meeting today for two of its directors to answer to allegations that they promoted an irregular R10 billion loan that included a questionable R45 million kickback from the Public Investment Corporation (PIC).

SAHL chief executive Kevin Penwarden confirmed the meeting, and said he would be able to disclose the outcome afterwards.

The meeting comes after Judge Lex Mpati’s inquiry into the PIC heard that the lender offered SAHL a second loan worth R10 billion in April on condition that its transaction fee included a R45 million claimed by its head of black empowerment consortium Kholofelo Maponya.

Maponya took the PIC and SAHL to court for failing to pay his alleged fee on the initial R9bn loan made five years earlier.

This was the nub of the written evidence to the PIC Commission by Royith Rajdhar, a non-executive director of SAHL and its holding company SAHL Investment Holdings. Rajdhar was senior fund principal at the PIC when the initial loan was made.

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