Phillip Truter, the first person to be sentenced for his role in the grand looting of VBS Mutual Bank, was released on parole, the Department of Correctional Services revealed. Truter, who was the doomed bank’s chief financial officer, admitted that he was part of the group of people who were involved in the massive theft of VBS Mutual Bank funds. In 2020, Truter was sentenced to 10 years in prison, with three years suspended.



GUEST: Singabakho Nxumalo, Department of Correctional Services Spokesperson

Phillip Truter, the first person to be sentenced for his role in the grand looting of VBS Mutual Bank, was released on parole, the Department of Correctional Services revealed. Truter, who was the doomed bank’s chief financial officer, admitted that he was part of the group of people who were involved in the massive theft of VBS Mutual Bank funds. In 2020, Truter was sentenced to 10 years in prison, with three years suspended.
 
GUEST: Singabakho Nxumalo, Department of Correctional Services Spokesperson

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