The eighth person arrested and charged with 47 charges relating to the mass looting of the VBS Mutual Bank has been granted R50 000 bail, the National Prosecuting Authority (NPA) said on Monday.

NPA national spokesperson Sipho Ngwema said former VBS Mutual Bank chief financial officer Philip Truter was granted bail by the Palm Ridge Specialised Commercial Crime Court on Monday. 

“The accused’s (Truter's) appearance follows his arrest over the weekend. Truter will join the other seven accused, Tshifhiwa Calvin Matodzi (42) chairman of VBS board of directors; Andile Malusi Attwell Ramavhunga (41) VBS CEO; Phophi Londolani Mukhodobwane (35) head of treasury and capital management; Sipho Nhlanhla Kelvin Malaba (47) VBS audit engagement partner; Thifhelimbilu Ernest Nesane (41) former executive legal head at Public Investment Corporation (PIC); Paulus Nnditsheni Magula (43) former executive head of risk management at PIC and former lieutenant-general Phalaphala Avhashoni Ramikosi (46) chairman of the audit committee,” said Ngwema. 

The eight face charges including racketeering, theft, fraud and corruption. 

“The accused asked for R50 000 bail and the State didn’t oppose. He (Truter) has to hand over his passport and is prohibited from travelling outside South Africa. The matter was postponed to 08 October 2020. He will join the other seven suspects.” 

Truter could not appear in June when the others made an appearance because he was in Covid-19 quarantine. His court appearance has previously been postponed. 

After the arrest of the initial seven last month, Hawks boss Lieutenant-General Godfrey Lebeya said the men were arrested during a raid at 10 properties in Gauteng and Limpopo. Lebeya said the men benefited unduly from R122-million (about US$7.2-million) which was allegedly stolen from VBS Bank.

Over R2-billion (about US$117.5-million) was stolen from VBS Bank and the men are accused of forming part of a plan to defraud the bank.  

A report commissioned by the SA Reserve Bank found that the bank was swindled of more than R2-billion.