First VBS conviction as a former VBS CFO goes to jail
The former Chief Financial Officer of the VBS Bank, Phillip Truter, was sentenced to 10 years imprisonments, three years suspended, for five years by the Palm Ridge Speculialised Commercial Crimes Court earlier this morning. He will effectively serve seven years imprisonment.
Truter, who pleaded guilty to charges of fraud, corruption, money laundering and racketeering, has undertaken to cooperate with the state’s case, which was investigated by the Hawks and guided by the NPA. He was complicit and active during the VBS debacle and has decided to come clean.
The law enforcement agencies always encourage either whistle-blowers or accused persons who want to come clean to make a full, frank, honest and open disclosure about their involvement and their ill-gotten gains.
There are times where, especially in the realm of corruption, when law enforcement will need the cooperation of insiders. Many of these schemes are fairly closed and only a very close inside group will have the know-how of the shenanigans that transpired – someone like Truter who decides to take responsibility for his actions will always be encouraged to talk to the state and such honesty is welcomed.
Corruption can effectively be beaten from the inside. Further legs of the VBS investigation by the Hawks and the NPA are progressing well.
Enquiries:
Sipho Ngwema
Cell: 081 253 8889
Tel: 082 499 8111
