On Tuesday former PIC CEO Dan Matjila has told the inquiry in Pretoria that the PIC’s Investment in Steinhoff was significant and deeply regrettable – and he will take full responsibility as the former head of the corporation.

Matjila was testifying on challenges the PIC had with the global retailer.

In 2016 Matjila says Steinhoff was the fifth largest stock on the JSE before it collapsed – and this was a very “sound Investment”. He says the PIC made some interventions regarding the removal Steinhoff’s Christo Wiese but they were not successful.