[ad_1]
Phillip Truter has been sentenced to 10 years in prison with a three-year suspension after he pleaded guilty to fraud, money laundering and racketeering.
Former VBS Bank CFO Phillip Truter at Palm Ridge Commercial Crimes Court on October 7, 2020. Image: NPA.
JOHANNESBURG – Former VBS Mutual Bank CFO Phillip Truter is expected to provide details on what exactly happened at the mutual bank when he testifies against his seven co-defendants who will appear in court Thursday.
Truter has been sentenced to 10 years in prison with a three-year suspension after he pleaded guilty in the Palm Ridge Commercial Crimes Court.
He pleaded guilty to fraud, money laundering, and racketeering.
Truter appeared in court for the first time to request bail. His wife said in an affidavit that his mental state had deteriorated, but regretted what happened at VBS.
Now, Sipho Ngwema from the National Prosecutor’s Office said that he had agreed to reveal what happened.
“He has promised to assist the State against the other defendants who will appear in the same court on Thursday. The State is very satisfied because corruption is very difficult to investigate and prosecute ”.
Truter was the CFO who made false statements that VBS was doing well when more than R2 billion of depositors’ money had already been looted.
Defender Terry Motau’s Great Bank Heist report showed that nearly R2 billion was stolen in three years.
Download the EWN app on your iOS or Android device.
[ad_2]
