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Kholofelo Maponya vows to appear at PIC Inquiry over R45m PIC payment demand

Businessman Kholofelo Maponya demanded to be paid R45 million for facilitating a deal between SA Home Loans and the PIC.

Businessman Kholofelo Maponya. Picture: www.sekepe.com

JOHANNESBURG - Businessman Kholofelo Maponya said he would take legal action against the Public Investment Corporation (PIC) and SA Home Loans for failure to honour a payment agreement.

On Wednesday, Standard Bank head of compliance Ian Sinton testified at the PIC commission of inquiry.

That he was shocked when Maponya demanded to be paid R45 million for facilitating a deal between SA Home Loans and the PIC.

In 2013, the PIC bought 50% shares at SA Home Loans, 25% which would be held by Maponya's company MMI.
Maponya said he was entitled to the R45 million.

“I don’t understand the relation to any kickback or bribe. I am on record where I demand a payment for the partnership arrangement.”

Maponya said he would be applying to cross-examine Sinton on his evidence.

“I will appear at the commission and I will apply to cross-examine him.”

(Edited by Shimoney Regter)