South Africa
Former CFO of VBS Bank off to prison─── 11:39 Thu, 08 Oct 2020
The former Chief Financial Officer of the VBS Mutual Bank, Phillip Truter, has been sentenced to an effective seven years imprisonment.
He was sentenced on Wednesday in the Palm Ridge Specialised Commercial Crimes court to 10-years imprisonment of which three years were suspended for a period of five years.
The National Prosecuting Authority says Truter, who pleaded guilty to charges of fraud, corruption, money laundering, and racketeering, has undertaken to cooperate with the state’s case, which was investigated by the Hawks and guided by the NPA.
NPA national spokesperson Sipho Ngwema says Truter was complicit and active during the VBS debacle, which saw some R2 billion looted from its coffers, and has decided to come clean.
Ngwema added that further aspects of the VBS investigation by the Hawks and the NPA are progressing well.
AlgoaFM
