Mathane Makgatho was tired. She had spent two years being gaslit by senior executives at Transnet who tried to ram questionable transactions down her throat.
As treasurer of the state rail company, she had stood her ground. But here, once again, was Regiments Capital offering a deal that her years of experience told her was simply implausible.
She had reason to be suspicious.
A year earlier, Transnet's chief financial officer, Anoj Singh, had handed her a proposal from Regiments for a R5 billion Nedbank loan and told her to sign it "today". But when she read it, alarm bells went off.