Public hearings into allegations of governance failures at the Public Investment Corporation (PIC) came to a close on Wednesday, after seven months of testimony by dozens of people seeking to shed light on the investment decision-making process at the state-owned asset manager.

The commission of inquiry, headed by justice Lex Mpati, wrapped up with testimony from businessperson Jayendra Naidoo, who corroborated former PIC CEO Dan Matjila’s testimony on the thinking behind a substantially written down R9.35bn loan the PIC advanced to his company, the Lancaster Group, to buy Steinhoff shares.

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