Former VBS Mutual Bank CFO Phillip Truter Given Parole Months Ago
- VBS Mutual Bank's former CFO Phillip Truter has been released on parole after being sentenced for his role in the saga in 2020
- Truter was handed a ten-year prison sentence, of which three were suspended, and he has been out of prison for months
- Truter received R5 million from the billions looted from the bank, and South Africans were stunned that he was already out
PAY ATTENTION: Let yourself be inspired by real people who go beyond the ordinary! Subscribe and watch our new shows on Briefly TV Life now!
Tebogo Mokwena, a Briefly News current affairs journalist in Johannesburg, South Africa, covered police investigations and court cases at Daily Sun for over three years.
Source: Getty Images
JOHANNESBURG — One of the senior officials convicted and sentenced for involvement in the VBS Mutual Bank saga has been released on parole.
Former VBS CFO out of prison
According to IOL, VBS Bank's former CFO Philip Truter has been out on parole since April this year. Truter was found guilty of his involvement in the alleged looting and sentenced to ten years imprisonment. Three of the years were suspended, and he served his sentence from 2020 to 2024.
PAY ATTENTION: stay informed and follow us on Google News!
Truter admitted receiving R5 million from the R2 billion that the bank's senior employees and other parties allegedly looted. The most recent conviction and sentence was that of the bank's former chairman, Tshifhiwa Matodzi. Matodzi was sentenced to 15 years in prison for his role in the saga.
South Africans discuss the news
Netizens on Facebook had various views about Truter's parole.
Tumisang Mamabolo said:
"They always hide behind a black man. They, too, are corrupt to the core."
Isaac Nkabinde said:
"He confessed and spilled the beans. Maybe that's why he was handed a lenient sentence and parole."
Mthokozisi Sithole said:
"They're having it easy in this land of corruption."
Ebeneezer Goodefella said:
"And Malema is walking around freely."
Chris Du Plessis asked:
"What happened to the big looters?"
Affidavit implicates Julius Malema and Floyd Shivambu
In a related article, Briefly News reported that an affidavit signed by VBS's former chairman, Tshifhiwa Matodzi, implicated Julius Malema and Floyd Shivambu.
Matodzi claimed that he met with the two leaders of the Economic Freedom Fighters and allegedly agreed to donate millions to them in exchange for their silence.
PAY ATTENTION: Follow Briefly News on Twitter and never miss the hottest topics! Find us at @brieflyza!
Source: Briefly News
