R2.3 billion
Total financial exposure
Pleaded guilty 7 October 2020, sentenced to 10 years (3 suspended = effective 7 years). Became state witness. Released on parole 12 April 2024.
Former CFO of VBS Mutual Bank. Complicit in creating fictitious deposits and falsifying financial records. Received ~R5M. Pleaded guilty 7 October 2020 to fraud, corruption, money laundering, racketeering, and tax offences. Sentenced to 10 years (3 suspended). Became state witness — key testimony for prosecution of remaining 13 accused. Released on parole 12 April 2024.
Pain points connected to Phillip Truter's documented incidents
Chief Financial Officer
VBS Mutual Bank
2015-01 – 2018-03(appointed)
Complicit in creating fictitious deposits and falsifying financial records under Matodzi's scheme.
Complicit in creating fictitious deposits and falsifying financial records under Matodzi's scheme.
Complicit in creating fictitious deposits and falsifying financial records under Matodzi's scheme.
Complicit in creating fictitious deposits and falsifying financial records under Matodzi's scheme.
Complicit in creating fictitious deposits and falsifying financial records under Matodzi's scheme.