Arendse was testifying at the Nicholson inquiry into the financial affairs of CSA, instituted by sports minister Fikile Mbalula after almost two years of bitter wrangling over the bonuses form the IPL II, which was played in South Africa due to security concerns around elections in India at that time.
Arendse said the current controversy, which has led to sponsors shying away from CSA, may have have cost the cricket authority as much as 12 million Rands.
"The bonus saga has caused a lot of damage. It has cost CSA a lot of money, maybe between R10 and R12 million," Arendse said as he called for those responsible to be held accountable.
"What was the best-run sporting code in (South Africa) has now been run down to this," he said.
Arendse called for Majola to be suspended pending a full disciplinary process.
Majola admitted late last year during his testimony at the inquiry that he had not understood his fiduciary duties, which an independent inquiry by auditors KPMG had found him to have breached.
The former president said that a number of former CSA sponsors that he had spoken to had told him that they were waiting to see what would happen before they returned.
IPL bonuses' controversy bigger than Cronje scandal: Arendse
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