It did smack a little of ex-post-rationalisation, and it did seem like an enormous fee for access to the board, but former Public Investment Corporation (PIC) CEO Dan Matjila was on the right track when he told the Mpati commission of inquiry about the importance of having director representation on a board.

This, Matjila told the commission, was the main motivation behind the decision to invest an additional eye-watering R9.35bn into Steinhoff via a loan to a vehicle set up by former trade unionist Jayendra Naidoo.

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