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Breaking News: Former VBS CFO Philip Truter to spend 10 years in prison after he pleaded guilty over charges linked to the looting at the Mutual Bank



Former VBS CFO Philip Truter has pleaded guilty on various charges linked to the looting at the Mutual Bank.

He’s entered into a plea agreement with the state.

Mr Truter strucked a deal with the state and will spend 10 years in prison, 3 years will be suspended for 5 years in the condition he does not commit the same crimes within the same period.



Trutter was the eighth suspect to appear in a Johannesburg specialized commercial criminal court in the Palm Ridge Magistrates’ Court in connection with a bank robbery. When he first appeared in July, Trutter said he intended to plead guilty to the charges.

Trout collided with six points. Two counts of fraud – one count – money laundering, corruption, racketeering – failure to file a tax return.

On Wednesday, the prosecution first petitioned to separate the trials of Truter. The court granted the application.

Trutter agreed with the state on the petition բոլոր verdict, in which he pleaded guilty to all six counts.

He admitted that although he claimed that the bank’s financial statements for the year ending March 2017 were accurate, he knew that the statement of financial position was false.

“The accused has no justification for his actions under the law,” prosecutor Hein van der Merwe read from the agreement.

He also confessed that he offered to accept the satisfaction of R5m from the former president of V5S Tifhiva Matodzi.

Van der Merwe said that in terms of punishment, all charges should be considered as one, that Trutter should be sentenced to 10 years in prison, three of which are suspended for five years.

The court said it was satisfied that the sentence was fair, competent, and upheld it as a court decision.

Truter’s former defendants include former VBS chairman Tshifhiwa Calvin Matodzi, CEO Andile Ramavhunga, former treasurer Phophi Mukhodobwane, former non-executive board members Ernest Nesane and Paul Paul. Also arrested were Ramikos, former chief financial officer of the Police Police Service, and Sifo Malaba, a former KPMG engagement partner.

Their trial will continue on Thursday.


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