When John Maree received a call from Prime Minister PW Botha in 1984, begging him to take over as Eskom chairperson and rescue the utility from yet another self-inflicted imminent collapse, he had only one condition:The first time any government minister or state official sets foot in my office without my invitation, you will get my resignation,” Maree is reputed to have told Botha, infamous for wagging his finger at those who were reluctant to accept his authority.
So his secondment to the PIC, at Molefe’s recommendation, was by no means a favour. In fact, it was an acknowledgement of his talents and skill. Thus he would have been best equipped to deal with truant politicians. By his own admission, Matjila would attend such unofficial meetings when he knew clearly the intention of the said minister would be to request funding for one deal or another. If the most qualified and senior executive at the PIC would willfully subject himself to that kind of inappropriate pressure, how would officials further down the PIC ladder be expected to respond?
Ostensibly this was a fee for arranging a R9-billion loan from the PIC for the acquisition of a 25% stake in SA HomeLoans. Except Maponya, through his Matome Maponya Investment Holdings, was the beneficiary of the very same transaction that apparently gave rise to the R45-million fee. It was American lender JP Morgan that had disposed of its 50% stake in SA HomeLoans. The PIC acquired the other quarter of SA HomeLoans while Standard Bank held the remaining 50%.
Recently, and directly as a chief investment officer, Matjila should accept the blame for some of the poorest funding deals the PIC has engaged itself in. The R4-billion it invested buying about 30% of AYO Technologies in December 2017 quickly shrank to just under R1-billion after listing on the JSE. Iqbal Survé, the controlling shareholder of AYO, has loudly claimed Matjila as a personal friend and questioned the public criticism of the PIC’s involvement in the deal.
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