Three years after admitting guilt in the VBS scandal, Philip Truter, former CFO of the embattled bank, has been granted parole. Truter, who pled guilty in October 2020 to charges including racketeering, money laundering, tax evasion, fraud, and corruption, was sentenced to seven years in prison.
Singabakho Nxumalo, spokesperson for the Correctional Services, confirmed Truter’s parole, stating, “After serving the minimum required time, he underwent a parole review process and was released on 12 April 2024 under Community Corrections. He will complete his sentence by 6 October 2025.”
Truter’s release follows former VBS chair Tshifhiwa Matodzi’s recent guilty plea to 33 counts related to the scandal, resulting in a 15-year prison term.
The parole of Philip Truter marks a significant development in the aftermath of the VBS scandal, which shook the financial sector in South Africa. As he serves out the remainder of his sentence under community supervision, the case continues to highlight ongoing efforts to address corporate misconduct and financial fraud in the country.
#VBS #Scandal #Update #CFO #Philip #Truter #Released #Parole
