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Former VBS official Phillip Truter appeared in court on the VBS matter. (Christopher Moagi)
Former VBS CFO Phillip Truter has been sentenced to seven years in prison after pleading guilty to charges of fraud, money laundering, corruption and extortion.
Truter entered into a plea and sentencing agreement with the state. On all charges, she said that she knew her actions were wrong and punishable by law.
Truter, who is the eighth defendant in the VBS Mutual Bank fraud case, appeared in Business Crimes Court sitting at Palm Ridge Magistrates Court in Gauteng on Wednesday.
In reading the plea agreement, state attorney Hein van der Merwe said that Truter had cooperated with the state, submitted an affidavit and will testify on behalf of the state in the main trial.
He was sentenced to ten years in prison, of which three years were suspended.
News24 previously reported that all of his co-defendants have pleaded not guilty to multiple charges.
Among the defendants are former VBS President Tshifhiwa Matodzi, who was described as the alleged “kingpin” of the looting scheme, VBS Executive Director Andile Ramavhunga, former VBS Treasurer Phophi Mukhodobwane, and the former non-executive members of the VBS board, Ernest Nesane and Paul Magula.
Additionally, former KPMG engagement partner Sipho Malaba and Phalaphala Avhashoni Ramikosi, former chief financial officer of the South African Police Service, are also among those charged.
Truter’s co-defendants are expected to be in court Thursday.
More to follow.
