Controversial African Bank boss Sokutu dies
FLAMBOYANT former African Bank executive Thami Sokutu has died at his home in Cape Town at the age of 53.
Family spokesman David Barritt said the banker died after a short illness.
Sokutu gained notoriety last year when, in a drunken interview with the Sunday Times, he said: “F*** the poor.”
His comments came after African Bank had been taken over by the Reserve Bank due to uncontrolled and risky lending. Many clients were trapped in debt, but Sokutu was unrepentant about his part in the debacle, and bragged about his personal wealth, which included three homes in South Africa, one in Portugal and a fleet of luxury cars.
He made headlines in 2013 with his drunken behaviour at the Chelsea Flower Show in London, prompting organisers to divert Queen Elizabeth from the South African display. He then resigned as chairman of the South African National Biodiversity Institute.
The banker, who had a meteoric rise in the financial industry, was born in the village of Mqanduli near Mthatha, later studying at the University of Cape Town, where he earned a master’s degree in advanced plant systematics in 1992. Sokutu also completed senior executive programmes at Wits Business School and Harvard.
Fellow political activist and businessman Saki Macozoma recalled how Sokutu fought to bring the environment to the forefront of ANC discussions before the party took power in 1994. “Thami was only misunderstood towards the end of his life, when his health was failing him. For me the sad thing is the demonisation of a man who cared so much and did so much for the people of South Africa,” said Macozoma.
Sokutu was director-general of public works before he entered the private sector as executive director of African Bank in 2002.
At the Davos Debates in Africa in 2010, he was clear on what was required for the continent to go forward. “My vision for Africa is to see Africa with leaders who stop talking about what needs to be done and get [things] done.”
Sokutu is survived by his wife, Nosisi, son, Wanda, and daughter, Sandi.
Thami was only misunderstood towards the end of his life, when his health was failing him