• News
  • Sport
  • TV
  • Radio
  • Education
  • TV Licences
  • Contact Us
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION
No Result
View All Result
1
Home mobile-leadstory

VBS CEO determined terms of PIC credit facility

1 April 2019, 9:00 PM  |
Glorious Sefako-Musi Glorious Sefako-Musi |  @SABCNews
Pamela Phala

Pamela Phala, senior manager for corporate legal at PIC, also took the stand

Pamela Phala

Image: SABC News

Pamela Phala, senior manager for corporate legal at PIC, also took the stand

The Commission of Inquiry into allegations of impropriety at the PIC has heard that VBS CEO Andile Ramavhunga was instrumental in determining the terms of a R350 million revolving credit facility issued by the PIC.

Legal advisor at the PIC, Mercy Leroke, read emails to the commission that show Ramavhunga was telling the PIC’s legal team what clauses to put in the agreement for the PIC credit facility to VBS.

Two clauses that weakened the PIC’s protection on the loan found their way into the contract after the agreement was approved.

Head of legal at the PIC at the time, Ernest Nesane, was also a board member at VBS Mutual Bank, seconded there by the PIC. The PIC’s exposure to VBS Mutual Bank at the time of the bank’s liquidation was to the tune of R458 million. This was partly due to the loan facility and shares held in the bank.

The commission also heard that the PIC was taken by surprise by the emergence of a new shareholder at VBS, Vele Investments, following the first rights issue.

Vele’s stake increased to 53.2 % with the issuance of the second rights. Chairperson of Vele investments Tshifhiwa Matodzi was also chairperson of VBS.

Pamela Phala, senior manager for Corporate Legal at the PIC, also took the stand telling the commission of her ill treatment and victimisation by former CEO Dan Matjila and suspended CFO Matshepo More for having a different opinion from what they wanted to hear.

She says she was sidelined and a junior lawyer, Ernest Nesane, whom she had appointed, was then appointed as executive head of legal after a restructuring of the legal department. She says she was spied on without due notice as required by law.

WATCH VIDEO BELOW: 

Share article
Tags: PICAndile RamavhungaVele InvestmentsPamela PhalaVBSCommission of Inquiry
Previous Post

Bulls Coach Human extends contracts

Next Post

Magashule considers legal action over book

Related Posts

[File Image] Electricity pylons are seen in front of the cooling towers at the Lethabo Thermal Power Station, an Eskom coal-burning power station near Sasolburg in the northern Free State province.

Ministers have no option but to co-operate in addressing electricity crisis: Ramaphosa

28 May 2023, 7:29 AM
Electricity Minister Kgosientsho Ramokgopa gestures during an engagament with stakeholders at the Tutuka Power Station in Mpumalanga on 22 March 2023.

Electricity Minister should be judged on actions, not words: Expert

27 May 2023, 7:04 AM
For sale sign hangs in front of a house

10th interest rate hike since Nov 2021 putting the squeeze on housing market

26 May 2023, 3:41 PM
A taxi driver counts money during a trip in Johannesburg

Another interest rate hike will result in a recession: Savings Institute

26 May 2023, 2:12 PM

Reserve Bank’s decision to increase rates is aggressive: Economist

26 May 2023, 9:02 AM
Minister of Employment and Labour - Thulas Nxesi, briefing the media following the Auditor General’s report on UIF Covid-19 TERs benefit, 2 September 2020

Nxesi says government is open to engagements on Employment Equity Act

26 May 2023, 7:31 AM
Next Post
ANC Secretary General Ace Magashule has also confirmed that the party list presented to the Independent Electoral Commission last month, has not been tampered with.

Magashule considers legal action over book

Most Viewed

  • 24hrs
  • Week
  • Month
  • North West Health probes why newborn babies were placed in boxes
  • DENOSA defends nurses for placing newborns in boxes
  • eThekwini residents face higher stages of load shedding from Thursday
  • Namibia declares outbreak of Crimean-Congo fever after patient dies
  • Chatsworth youth rub shoulders with Africa’s finest in table tennis championships
  • Dr Nandipha’s looks during court appearances under the spotlight
  • Experts raise caution over Prime energy drink craze
  • NW residents plunged into darkness after burning of power station
  • 108-carat ‘fancy intense pink’ diamond discovered in Lesotho
  • Dr Nandipha Magudumana, co-accused in Thabo Bester’s escape to apply for bail
  • DENOSA defends nurses for placing newborns in boxes
  • EFF Limpopo councillor gunned down at his home
  • NW Health dept to take action after newborn babies placed in cardboard boxes
  • Pirates win Nedbank Cup final
  • Five killed in Eastern Cape crash

LATEST

[File Image] Electricity pylons are seen in front of the cooling towers at the Lethabo Thermal Power Station, an Eskom coal-burning power station near Sasolburg in the northern Free State province.
  • Business

Ministers have no option but to co-operate in addressing electricity crisis: Ramaphosa


DA leader John Steenhuisen
  • Elections 2024
  • Politics

ANC should not be underestimated for 2024 elections: Steenhuisen


Search and rescue teams of the Pakistan Army with the support of the civil administration at he site area where they retrieved 8 people from the avalanche.
  • World

Avalanche kills 11 members of nomadic tribe in northern Pakistan


Water tanker provides water to Hammanskraal
  • Cholera outbreak
  • South Africa

Cholera outbreak death toll rises to 24


Burning tyres on a road
  • South Africa

Ermelo residents demand improved service delivery


Image of a computer being hacked
  • Africa

Senegalese government websites hit by cyber attack


Weather

  • About the SABC
  • Contact Us
  • Jobs
  • Advertise
  • Disclaimer
  • Site Map

SABC © 2023

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION

© 2023

Previous Pote Human Bulls Coach Human extends contracts
Next Magashule considers legal action over book