The eighth accused in the VBS Mutual Bank corruption case was granted R50 000 bail on Monday in the specialized commercial crime court in Palm Ridge, Johannesburg.
According to a statement from the National Prosecuting Authority, the bank’s CFO Philip Truter appeared in court on Monday after being arrested over the weekend. Earlier, he was unable to attend court proceedings because he was tested positive for the coronavirus.
As part of his bail conditions, he was not allowed to travel outside South Africa and had to submit his passport.
The seven other accused have already appeared in court on June 18 on charges of, among other things, robbery, theft, fraud and corruption. They were released on bail of R100 000 each. The case was postponed to October 8.
The other accused are Tshifhiwa Matodzi, former VBS chairman Andile Ramavhunga, CEO Phophi Mukhodobwane, treasurer, Paul Magula and Ernest Nesane, both representatives of the Public Investment Corporation on VBS’s board, Lt. Gen. Phalaphala Avhashoni Ramikosi, former CFO and non-executive director of VBS, and Nhlanhla (Sipho) Malaba, sacked partner of the audit firm KPMG.
As previously reported, the eight’s arrest comes a little more than two years after VBS was placed in curate. VBS is a mutual bank that mostly does business in Limpopo. Nearly R2.3 billion “disappeared” at VBS and thousands of elderly and poor people in particular Limpopo lost their savings when the bank was liquidated.
The accused allegedly benefited directly or indirectly from the value of R120 million.