Former Reserve Bank governor Gill Marcus and businessman Iqbal Survé's awkward exchange at the Public Investment Corporation (PIC) inquiry had social media abuzz.
Survé was testifying before the Mpati Commission in Pretoria on Tuesday.
Several businesses linked to Survé have received funding from the PIC, including a R4.3bn investment in Ayo Technology Solutions.
During his testimony, Survé said: "We are not enslaved to any white businesses or banks or institutions, which makes us unique as a South African business."
Gill Marcus replied: "Would you be unique if you were indebted to black businesses? You refer all the time to 'white white white white' and I'm finding it a bit offensive."
"This is a commission of inquiry not a political platform," Marcus said.
"I'm respectfully disagreeing with you. This country is still white dominated and the capital markets are white dominated," he said.
The exchange triggered much conversation on social media. Some felt Survé raised strong points, while others felt Marcus became too heated.
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