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Crime News – Philip Truter Pleads Guilty

Crime News – Philip Truter Pleads Guilty

The former Chief Financial Officer of VBS Mutual Bank, Philip Truter, pleaded guilty today on charges linked to the looting of the Mutual Bank.  In ordert to cooperate with the State, Truter  entered into a plea agreement with the state against Tshifiwa Matodzi, Phophi Mukhodobwane and others.  He faces six counts of fraud, corruption, money laundering and racketeering, and also failing to provide an income tax return.

Philip Truter confirmed that he unlawfully and intentionally misled shareholders on the precarious  financial position of the VBS bank.  His admissions confirms the Terry Motau report and will be a devastating blow to Matodzi and others, who decided to plead not guilty.  Truter revealed how he inflated the VBS financial statement for March 2017 to order to mislead shareholders:

Total assets: R1.37 billion.

Financial Statement R 2.1 billion

Liabilities R 1.53 billion

FS R 1.8 billion

Equity -590 million

FS + 238 million

Former CFO of VBS Mutual Bank, Philip Truter

Truter was granted bail of R50,000 at the Specialised Commercial Crimes Cort in Palm Ridge in July this year.  He announced his intention to plead guilty to the charges against him.  Truter was the 8th suspect arrested in connection with the VBS bank heist.  The seven other suspects were granted bail of R100,00 each.  A total of over R2-billion went missing from VBS Mutual Bank and the bank subsequently collapsed in 2018.  The Matsila Community Development Trust however wants the licence to be reactivated and requested to have the licence converted to a commercial one, a process that can take up to 9 months.

In August, Danny Msiza won a court bid to have his name cleared in some parts of the VBS Scandal Report.  Msiza was referred to as one of the key players in the VBS scandal and a kingpin in the corruption scheme.  Advocate Terry Motay released his report titled ‘The Great Bank Heist” in 2018 in which 53 individuals, including executives and politicians, was implicated.


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