Dan Matjila's opening salvo at the Public Investment Corporation (PIC) commission must have set alarm bells ringing in all sorts of places, not least Luthuli House, as the former CEO and long-serving chief investment officer (CIO) appeared to answer to a range of accusations that have been levelled against him about his 15-year tenure.

Matjila's testimony began with a careful construction of his personal and professional rise to the top of the continent's largest investment manager.

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