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VBS scandal update: Former CFO Philip Truter released on parole by Ronelle Snyders
Three years after admitting guilt in the VBS scandal, parole has been granted to Philip Truter, former chief financial officer of the controversial bank.
Truter, who pleaded guilty in October 2020 to charges of racketeering, money laundering, tax evasion, fraud and corruption, among others, was sentenced to seven years in prison.
Correctional Services spokesperson Singabakho Nxumalo confirmed Truter’s parole, saying: “After serving the minimum required time, he underwent a parole review process and was released under Community Corrections on April 12, 2024. He will complete his sentence by October 6, 2025.”
Truter’s release follows former VBS chairman Tshifhiwa Matodzi’s recent guilty plea to 33 charges related to the scandal, leading to 15 years in prison for him.
The parole of Philip Truter is a significant development in the aftermath of the VBS scandal, which rocked the financial sector in South Africa. While serving the remainder of his sentence under community supervision, the case highlights continued efforts to address corporate misconduct and financial fraud in the country.
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