On the first day of his highly anticipated testimony at public hearings into governance issues at the Public Investment Corporation (PIC), former CEO Dan Matjila had to fend off fresh allegations that he had unduly benefited from a loan extended by the corruption-hit VBS Bank.

UDM leader Bantu Holomisa circulated a letter on Monday that he had written to the PIC commission’s evidence leader, advocate Jannie Lubbe, in which he claimed he had a forensic report prepared for the state-owned asset manager which accuses Matjila of improperly benefiting from a loan of R2.45m extended by the collapsed VBS Mutual Bank.

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