NPA secures first VBS conviction, as former CFO is sentenced
Philip Truter, the former CFO of VBS Mutual Bank, was sentenced to 10 years’ imprisonment, three of which have been suspended for five years
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.