Former VBS CFO Philip Truter granted bail, could turn state witness
Former VBS Mutual Bank CFO Philip Truter is in talks with the National Prosecuting Authority (NPA) to turn state witness and help prosecute those involved in the looting of more than R2 billion.
The Specialised Commercial Crimes Court granted Truter R50 000 bail in Palm Ridge on Monday.
He told the court that he intends to plead guilty to all the charges against him.
Truter did not join his seven co-accused during their first court appearance because he was in isolation and awaiting his COVID-19 test results.
READ: Malema denies benefitting from VBS bank
The eight accused are facing 47 counts of fraud, money laundering, and racketeering.
According to the charge sheet, Truter benefitted to the tune of R2 million.
He broke down in court when his wife's affidavit was read in support of his bail application, where she stated that she earns R12 000 and the family has been getting assistance from a church for food and supplies.
His lawyer indicated he is on anxiety medication and has to be admitted to a psychiatric facility.
