First VBS conviction when former CFO Truter receives 7 years for fraud and corruption



[ad_1]

Phillip Truter was arrested in June along with seven other defendants, who are implicated in defender Terry Motau’s Great Bank Heist report that showed nearly R2 billion was stolen from the bank.

Former VBS Mutual Bank CFO Phillip Truter will appear in Palm Ridge Business Court on July 6, 2020. Image: EWN

JOHANNESBURG – Former VBS bank CFO Phillip Truter pleaded guilty Wednesday to charges of fraud, corruption, money laundering and extortion for his involvement in the bank’s looting.

Truter appeared in Palm Ridge Commercial Crimes Court on Wednesday, where he was sentenced to 10 years in prison, with three of those years suspended, meaning he will serve seven years in prison.

This conviction represents the first in the VBS case.

“The former CEO just appeared before a Palm Ridge Commercial Crimes Court magistrate. [The] court accepted the sentence and the plea agreement. He has also agreed to testify against the other defendants who will appear [on Thursday] in the same court at 9 am, ”said the spokesman for the National Tax Authority (NPA), Sipho Ngwema.

Truter was arrested in June along with seven other defendants, who are implicated in defender Terry Motau’s Great Bank Heist report that showed nearly R2 billion was stolen from the bank over three years by executives and politicians. He negotiated with authorities to plead guilty and help with further investigations into the bank robbery, and decided to cooperate with the state in his case.

In a statement issued Wednesday, the NPA said that “law enforcement agencies always encourage whistleblowers or defendants who want to be sincere to make a full, frank, honest and open disclosure about their involvement and their wrongful earnings had “.

“Someone like Truter who decides to take responsibility for his actions will always be encouraged to speak to the state and that honesty is welcome,” the statement read.

This conviction represents the first in the VBS affair.

Download the EWN app on your iOS or Android device.



[ad_2]