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The case against those involved in what has become known as The Great Bank Heist, has been postponed until 21 January 2021.

On Wednesday, VBS chief financial officer, Philip Truter, admitted that he was part of a group of people involved in the theft of VBS Mutual Bank funds that were invested by pensioners and investments by several municipalities, reports IOL.

He pleaded guilty to five counts of racketeering, two counts of fraud, one count of corruption, one count of money laundering and one count of tax evasion. He was sentenced to 10 years in jail of which three were suspended for five years.

Truter has also turned state witness and has offered to testify against all those accused of the loot. So far, seven individuals have been arrested and charged. The state requested the postponement so that they can work on further charges to be brought against the accused.

More arrests are likely to take place based on the R2 billion looting of the VBS Mutual Bank. IOL reports that the National Prosecuting Authority and the Hawks have set themselves a target of three months to put suspects behind bars.

Watch the Newzroom Afrika video below for more on the VBS Mutual Bank loot.

Image credit: Daily Maverick

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