Truter has been implicated in looting the VBS Mutual Bank City Press reports.
He faces 47 charges of fraud, theft, money laundering, corruption and racketeering and has, according to the state, indicated that he intends on pleading guilty to all counts.
He appeared in the Commercial Crimes Court on Monday, and was granted R50 000 bail – significantly less than his seven co-accused, who were granted R100 000 bail each last month.
In his motivation for a lesser bail, Truter said he was unemployed and could not find a job because of the VBS scandal.
While addressing the court, the state announced that Truter, unlike his seven counterparts, would plead guilty to charges brought against him and subsequently serve his sentence.
Truter could not appear last month because he was under quarantine due to the Covid-19 coronavirus.
In a statement released this weekend, the Directorate for Priority Crime Investigation (Hawks) said Truter, who was the eighth senior executive suspect in the VBS Mutual bank investigation, was arrested on Friday.
“The suspect who could not be arrested a few weeks ago has recovered from his ailment and is expected to appear in Palm Ridge Specialised Commercial Crimes Court on Monday facing 47 charges of fraud, theft, money laundering, corruption and racketeering,” read the statement.
The seven other suspects include the bank’s chief executive Andile Ramavhunga, board member and former chief financial officer of the SA Police Service Phalaphala Ramikosi, former chair Tshifhiwa Matodzi and treasurer Phophi Mukhodobwane. They appeared before the Palm Ridge Regional Court last month and they were each granted R100 000 bail.
Last month, City Press reported that the Public Investment Corporation (PIC) – a significant shareholder in VBS Mutual Bank before it was placed under curatorship by the Prudential Authority of the SA Reserve Bank – has welcomed the arrests of suspects involved in the collapse of VBS.
At the time, Lieutenant-General Godfrey Lebeya, the national head of the Hawks said that their investigations revealed that “the scam was hatched by the board of VBS on July 4 2017, when the board of directors did VBS-approved financial statements for the year ending March 31 2017, making VBS look richer, meanwhile it was insolvent”.
More than R2 billion was stolen from VBS Bank and the eight are accused of forming part of a plan to defraud the bank.
The suspects are due in court again on October 8.
