He was previously granted R50 000 bail when he appeared before Palm Ridge Commercial Court on Monday.
This was after he indicated that he is intending to plead guilty to the charges.Prosecutor JH van der Merwe confirmed that Truter was intending to plead guilty to all 47 charges. He also said the State is working on a deal with Truter.
He said Truter, intends to serve a sentence that will reflect the seriousness of the crimes.
In his bail application, Truter told the court that he has no assets, he is unemployed and does not have an income.
Read: VBS Mutual Bank Looters: How much did each make?
Truter who is the eight suspect in the VBS Mutual Bank case, was arrested on Friday. He was in isolation and could not appear with his co-accused.
The first 7 were charged and granted R100,000 bail each The 9th accused a former Merafong Municipality CFO appeared in Pretoria.
Truter is facing 47 counts including racketeering, theft, fraud, money laundering and corruption leading to the collapse of VBS in March 2018.
An investigation by Advocate Terry Motau commissioned by the South African Reserve Bank produced the monumental Great Bank Heist report in 2018. The report revealed how the heist’s its architects and accomplices stole almost R2 billion, leaving the bank cash-strapped, and now liquidated.
Other African National Congress (ANC) officials, Limpopo treasurer Danny Msiza and deputy chairperson Florence Radzilani, are implicated in the matter. These were recently reinstated by the ANC.
ANC secretary general Ace Magashule said the party cannot suspend people forever, and called on law enforcement agencies to take action.
Breaking: VBS Mutual Bank CFO Philip Truter convicted and sentenced