VBS Mutual Bank CFO Paul Truter was not in court as he is in Covid-19 quarantine, and will be added to the indictment this week
All seven arrested in connection with the collapse of VBS Mutual Bank have been able to pay the R100,000 bail set by the court.
This was after only two — the bank’s CEO, Andile Ramavhunga, and board member and former CFO of the SA Police Service Phalaphala Ramikosi — were able to pay on Thursday after appearing in court. Others arrested were the bank’s former chair Tshifhiwa Matodzi; treasurer Phophi Mukhodobwane; the former KPMG audit partner, who signed off on the bank’s allegedly falsified financial statements Sipho Malaba; and two former representatives of the Public Investment Corporation on the bank’s board, Paul Magula and Ernest Nesane.
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