Former Fidentia boss J Arthur Brown had no remorse at the time he made fraudulent representations to two companies, the Western Cape High Court heard on Thursday.
Prosecutor Jannie van Vuuren asked Brown whether he felt remorse when he committed fraud against the Transport Education and Training Authority and the Mantadia Asset Trust, between 2002 and 2006.
He was recently found guilty on two counts of fraud regarding the manner in which he handled investments for these companies.
Brown replied that it was a technical question.
"I accept in retrospect that these actions were wrong. However it is an unfair question to ask if I had remorse at the time. Quite clearly, I did not."
Brown said he felt remorseful from the time Fidentia was put under curatorship and saw the resulting consequences on people's lives.
Van Vuuren asked how this remorse had manifested itself since 2007.
Brown said he done a "myriad of things", including assisting investors and handing over financial records to the Living Hands trustees.
His cross-examination ended and he was allowed to leave the stand.
His defence indicated that it had closed its case in mitigation of sentence.
The trial was postponed until Monday, when the State would call witnesses in aggravation of sentence.