Conviction of former VBS finance head will help build heist case

Claudi Mailovich

SA’s prosecutions authority says it has strengthened its case against the former bank executives accused of looting the now defunct VBS Mutual Bank in Limpopo of about R2bn, mostly belonging to the poor. The National Prosecuting Authority clinched an important victory after reaching a plea agreement with the bank’s former CFO, Philip Truter, on Wednesday, in the first criminal conviction since the bank was placed in liquidation almost two years ago.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.

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VBS Bank's ex-finance boss Phillip Truter pleads guiltyFormer VBS Mutual Bank CFO Phillip Truter on Wednesday pleaded guilty to six counts related to the looting of funds at the bank. Reduced sentence to turn state witness *Grabs popcorn in anticipation* DrShakes_SD SA is busy,they cleaning!!! He Should Tell Us More About Other Actors In The Looting!
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