The National Prosecuting Authority (NPA) has secured its first conviction relating to the VBS Mutual Bank scandal, which saw more than R2bn from the Limpopo-based bank looted, allegedly by its executives.

On Wednesday, Philip Truter, the former CFO of VBS Mutual Bank, was sentenced in the Palmridge commercial crimes court in Johannesburg to 10 years’ imprisonment. Three years of the 10 were suspended for five years, leaving him to serve an effective seven-year term, NPA spokesperson Sipho Ngwema said.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now