Convicted VBS looter Truter set to tell court details of ‘Great Bank Heist’

Phillip Truter has been sentenced to 10 years in prison with three years suspended after he pleaded guilty to fraud, money launder and racketeering.

Former VBS Bank chief financial officer Phillip Truter in the Palm Ridge Specialised Commercial Crimes Court on 7 October 2020. Picture: NPA.

JOHANNESBURG – Convicted former VBS Mutual Bank CFO Phillip Truter is expected to give extensive details as to exactly what transpired at the mutual bank when he testifies against his seven co-accused who will appear in court on Thursday.

Truter has been sentenced to 10 years in prison with three years suspended after he pleaded guilty in the Palm Ridge Specialised Commercial Crimes Court.

He has pleaded guilty to fraud, money launder and racketeering.

Truter appeared in court the first time to apply for bail. His wife said in an affidavit that his mental state had deteriorated, but he was sorry for what transpired at VBS.

Now the National Prosecuting Authority’s Sipho Ngwema said he had agreed to reveal what happened.

“He has undertaken to assist the State against the other accused who will be appearing in the same court on Thursday. The State is very pleased because corruption is very difficult to investigate and prosecute.”

Truter was the CFO that made false statements that VBS was doing well when more than R2 billion of depositors’ money had already been looted.

Advocate Terry Motau’s Great Bank Heist report showed almost R2 billion was stolen over three years.

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