Former VBS CFO pleads guilty, to cooperate with state

Former VBS CFO Phillip Truter

Former VBS CFO Phillip Truter

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

Truter pleaded guilty to six counts of fraud, corruption, money laundering and racketeering and failing to provide an income tax return.

He entered into a plea agreement with the state against Tshifiwa Matodzi, Phophi Mukhodobwane and others.

READ: Former VBS CFO intends to plead guilty

Truter admitted that he unlawfully and intentionally misled shareholders on the financial position of VBS.

His admissions confirm much of the Terry Motau report and will deal a devastating blow to Matodzi and others, who have all pleaded not guilty.


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