VBS Accused Truter to Cooperate with NPA, Gets Reduced Sentence

Anyone who benefitted off of the VBS bank heist will sleep less peacefully from tonight, because its former chief financial officer agreed to a deal to cooperate with the National Prosecuting Authority.

For his cooperation, Phillip Truter will have three years suspended on his 10-year sentence.

Truter will cooperate with the NPA in its investigations into VBS, the NPA said today. In June the Hawks arrested eight people for the looting of R2 billion from the bank. One of them was Truter, who pleaded guilty to charges of fraud, corruption, money laundering and racketeering.

“He was complicit and active during the VBS debacle and has decided to come clean,” the NPA said today.