SA Home Loans planning a course of action after kickback hearing | IOL Business Report

CAPE TOWN – SA Home Loans’ board is preparing for its next course of action after two directors answered, at a board meeting on Wednesday, to allegations that they had promoted a R10 billion loan that included a questionable R45 million kickback from the Public Investment Corporation .

Evidence before the PIC Commission of Inquiry this week alleged the PIC had offered SAHL a second loan on April 29 this year, worth R10bn, on condition that its transaction fee include R45m claimed by Kholofelo Maponya, the head of SAHL’s black empowerment consortium. Penwarden said the loan conditions of this R9bn facility had been fully carried out by SAHL, in that a portion of it was dedicated to providing home loans to Government Employee Pension Fund members on normal terms, R2bn was earmarked for housing and R2bn was earmarked for SAHL’s normal business operations.

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