The Star newspaper of Johannesburg claimed in a report that Majola was the chairman and shareholder of Solution Worx, a company that manages and services printers, fax machines and copiers.
One of its partners Meloko IT was awarded a contract - believed to be in the region of Rand 3-million - last year to upgrade computers at the UCBSA head office.
Majola was understood to have a six-seven percent stake in Solution Worx.
The newspaper reported that the contract was not put out to tender, which went against the constitution of the UCBSA.
The disclosure comes at a time when there's outrage over a fax that promotes racial division of the UCBSA ahead of the Board's crucial annual general meeting this weekend.
An anonymous fax has been circulated to officials that has left out the president, Ray Mali, and Majola from a proposed set of office bearers to be elected during the weekend's conference.
Majola has denied that he has directly benefited from the contract and he did not have any knowledge of the link between Solution Worx and Meloko. "I did not receive a cent," he said.
Mali, reacting to the anonymous fax, said he would not allow anyone to sabotage transformation and the cricket Board.
"We have been aware of the undercurrents for some time, and it appears that any smokescreen will be used by the elements to achieve these ends," Mali said.