Former VBS Bank CFO Phillip Truter intends pleading guilty to all charges



Former CFO of VBS Mutual Bank, Phillip Truter, appeared in Commercial Crimes Court on Monday, with the State indicating he intends pleading guilty to all the charges.

Truter, who is the eighth suspect in the VBS Mutual Bank fraud could not be arrested and as well appear with his co-accused on 18 June as he was in quarantine for Covid-19.

Although, he was finally arrested over the weekend.

National Prosecuting Authority (NPA) spokesperson Sipho Ngwema said, 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.

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

Among his co-accused includes 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 2020.