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Former VBS CFO says sorry, to be admitted to psychiatric hospital

Philip Truter was granted R50,000 bail in the Palm Ridge Commercial Crimes Court earlier on Monday, after saying he was unemployed and could not get a job.

Former VBS Mutual Bank chief financial officer Philip Truter appears in the Palm Ridge Commercial Crimes Court on 6 July 2020. Picture: EWN

JOHANNESBURG - Former VBS CFO Philip Truter has apologised for the hardship that the bank caused its depositors and took responsibility for his actions.

The State is in negotiations with Truter to plead guilty and assist with investigations into the looting of the bank.

He was granted R50,000 bail in the Palm Ridge Commercial Crimes Court earlier on Monday, after saying he was unemployed and could not get a job.

Truter’s wife said he was scheduled to be admitted to the Vista Psychiatric Hospital on Monday. She said while he was in police custody at the weekend, officers had to assist with anxiety medication.

She submitted an affidavit supporting his bail application, explaining how he forgot most things he’s supposed to do.

Truter said he had not been able to find work since VBS was looted of R2.7 billion under his watch as chief financial officer.

He is the second accused expected to plead guilty after former Merafong CFO Thy Wienekes.

The State said it was in talks with Truter’s lawyers to finalise a plea deal.

The other seven accused have maintained their innocence, saying they would clear their names.

They're all expected back in court in October.

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