Former VBS Mutual Bank CFO Philip Truter granted bail of R50,000

Truter is the eighth person arrested and charged with 47 charges relating to the looting of VBS Bank.

On Monday 6 July, former VBS Mutual Bank CFO Philip Truter was granted bail of R50,000 by the Palm Ridge Specialised Commercial Crime Court. 

Truter was the eighth person arrested and charged with 47 charges relating to the mass looting of the VBS Mutual Bank. 

The National Prosecuting Authority (NPA) spokesperson Sipho Ngwema said that the accused’s appearance follows his arrest over the weekend. Truter, along with the seven other accused, faces charges including racketeering, theft, fraud and corruption. 

“Truter has to hand over his passport and is prohibited from travelling outside South Africa,” Sipho said. “The matter was postponed to 8 October, 2020.”

The State is in negotiations with Truter to plead guilty and assist with investigations into the looting of the bank. 

His wife said he was scheduled to be admitted to the Vista Psychiatric Hospital, adding that while he was in police custody at the weekend, officers had to assist with anxiety medication.

She submitted an affidavit supporting his bail application, explaining that he suffers from forgetfulness.

Truter is the second accused expected to plead guilty after former Merafong CFO Thys Wienekus.

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