On Wednesday the National Prosecuting Authority (NPA) announced that former Chief Financial Officer (CFO) of the Venda Building Society (VBS) Bank, Phillip Truter, was sentenced to effectively serve seven years imprisonment.
“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. He was complicit and active during the VBS debacle and has decided to come clean,” the NPA says.
Truter was sentenced to ten years imprisonment, of which three were suspended.
According to Advocate Terry Motau’s forensic report released earlier this year, before the bank collapsed, nearly R2 billion was looted over three years. Some of the findings in the report were reportedly confirmed by Truter. It is alleged that this may cause repercussions for his co-accused who have allegedly pleaded not guilty.
The NPA says that the investigation into VBS is progressing well.