The Beeld newspaper reports that Majola was in tears when he faced journalists after appearing in Pretoria before the Nicholson Inquiry, chaired by Judge Chris Nicholson.
Majola said the whole ordeal was a “nightmare” for him and his family.
“There have been a lot of misconceptions and unfounded allegations and today (Tuesday) I had the chance to put my side of the story in front of the judge and in front of the public of South Africa,” he said.
“At least I’m happy now that people will know what the truth is.”
“We could have dealt with the matter totally differently, more quickly and better,” he told SAPA.
“Whatever has happened was undesirable. It was totally uncalled for and, as cricket administrators, we all have to take the blame for what has happened.”
He was questioned at length about the fact that he and Don McIntosh, the Indian Premier League tournament director and former CSA chief operations officer, received more than two-thirds of a pool of money meant for bonuses after the tournament.
“Fairness is relative. Fairness is if I am happy to pay you for the job you have done,” Majola said.
“In my view, if the people who authorised these payments thought the people who got this money deserved it, then it was fair.”
Majola earlier denied not disclosing his contentious bonus after the IPL series in 2009.
“I was totally convinced at the time, as it was common practice to do it this way, that I had disclosed properly when I did,” he said.
Majola said the CSA board had taken a decision to move forward and to rectify the errors it had made.
“Good governance is key and we will make sure the governance of cricket is clean.”
At the end of his oral submission, the inquiry’s chairman Judge Chris Nicholson asked Majola if he would have done things differently had he been fully informed of the correct process.
“I would have done so and if the new process says I have to disclose to Remco, I will do so,” he said.
“I want to say in front this committee that I commit to clean governance and I commit to excellence. For as long as I am here, meaningful transformation and development structures will be in place.”