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Johannesburg - The African Bank (Abil) and its curator Tom Winterboer on Sunday distanced themselves from remarks by former bank employee, Tami Sokutu.
"Tami Sokutu resigned and officially left African Bank on 6 February 2014. He is no longer an employee of African Bank," Winterboer said in an email to Sapa.
"The views of Mr Sokutu are not the views of African Bank or the curator. We deeply regret the tone in which he engaged with the media."
Obtained loans
Winterboer said he was not in a position to answer further questions because his curatorship was in its early stages.
"Answers will be forthcoming when available."
The Sunday Times reported that Sokutu was on sick leave since September and therefore was not actively involved in Abil when it collapsed.
It quoted Sokutu as saying: "F*** them, f*** them" in relation to people who had obtained loans but could not afford to repay them. These people had been listed as bad credit risks.
Sokutu said he lived lavishly with "no regrets" and that borrowers should not have taken loans if they knew they could not repay them.
Various houses
According to the newspaper, Sokutu made more than R50m in share options and R35m in salary and bonuses.
Sokutu joined the bank in 2002 and was appointed to the board a year later.
Reserve Bank governor Gill Marcus placed African Bank under curatorship last week.
The newspaper reported that Sokutu showed no signs of remorse for the splurge of lending.
He apparently boasted to the newspaper about how he made his millions, globetrotting, his six cars and various houses.
Sokutu said he did not ever have to work again and was not worried about Abil's collapse because he was focused on his upcoming trip to play golf in Scotland.
Marcus said among Abil's woes was that in a six-month period to March 2014, it posted a headline loss of R3.1bn.
African Bank's shares plummeted last week after it warned of massive losses. It needed about R8.5 billion in new capital.
African Bank serves 3.2 million people.
