Parole for VBS Mutual Bank Looting Culprit as Mastermind Begins Jail Term

Senior Reporter Phillip Truter, the first man to be sentenced for his role in the looting of VBS Mutual Bank, has been granted parole while the alleged mastermind, Tshifhiwa Matodzi, commenced his 15-year prison sentence last week.

Truter, who formerly held the position of CFO at VBS Mutual Bank, was released on parole in April after serving three years and six months of his seven-year sentence, confirmed Singabakho Nxumalo, the spokesperson for the correctional services department.

This development comes as a significant turning point in the VBS Mutual Bank scandal, shedding light on the consequences faced by those involved in the large-scale financial misconduct that led to the bank’s collapse.

The revelations made during Truter’s trial and the subsequent sentencing of Matodzi have underscored the depth of the corruption that permeated VBS Mutual Bank, bringing to light the mechanisms employed to orchestrate the illegal activities that ultimately defrauded depositors and investors.