Former VBS Bank CFO Phillip Truter says he'll plead guilty

Eighth VBS Mutual Bank suspect Phillip Truter appears at the Palm Ridge Specialised Commercial Crimes Court facing 47 charges of fraud, theft, money laundering, corruption and racketeering on July 06, 2020 in Johannesburg, South Africa.
Eighth VBS Mutual Bank suspect Phillip Truter appears at the Palm Ridge Specialised Commercial Crimes Court facing 47 charges of fraud, theft, money laundering, corruption and racketeering on July 06, 2020 in Johannesburg, South Africa.
Image: Gallo Images/OJ Koloti

The former CFO of VBS Mutual Bank, Phillip Truter, on Monday morning indicated he intended to plead guilty to the charges he faces.

National Prosecuting Authority (NPA) spokesperson Sipho Ngwema said Truter, the eighth suspect arrested in the VBS saga, appeared in the commercial crimes court sitting in the Palm Ridge magistrate's court.

Truter, who was arrested at the weekend, was in Covid-19 quarantine when his seven co-accused were arrested.

“Truter has approached the state for negotiation with regards to his charges and has indicated he intends to plead guilty. The prosecution team will indulge the accused,” Ngwema said.

Truter was granted bail of R50,000. He was ordered to hand over his passport and is prohibited from travelling outside SA.

His co-accused include former VBS chairperson Tshifhiwa Calvin Matodzi, CEO Andile Ramavhunga, former treasurer Phophi Mukhodobwane, and former non-executive board members Ernest Nesane and Paul Magula. The former CFO of the SA Police Service, Phalaphala Avhashoni Ramikosi, and former KPMG engagement partner, Sipho Malaba, were also arrested.

Truter is expected to appear in court again with his co-accused on October 8.

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