Former VBS CFO Phillip Truter turns state witness

Phillip Truter appeared in the Palm Ridge Specialised Commercial Crimes court on Wednesday where he pleaded guilty to fraud, corruption, money laundering 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 – The NPA said former VBS Bank chief financial officer Phillip Truter would be able to provide crucial evidence against the other seven suspects implicated in the so-called VBS Great Bank Heist.

Truter has been sentenced to ten years in prison – with three of these suspended.

He appeared in the Palm Ridge Specialised Commercial Crimes court on Wednesday where he pleaded guilty to fraud, corruption, money laundering and racketeering.

The seven other accused will appear in court on Thursday, with Truter turning State’s witness.

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

Many people lost their investments – while some municipalities were unable to recoup their losses.

“We look forward to going to the trial where we have one person who was right inside the bank who will be testifying on behalf of the State,” said the NPA’s Sipho Ngwema.

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