The National Prosecuting Authority said Truter will spend an effective seven years behind bars for his role in the scandal that saw about R1,89 billion looted from the bank between 2015 and 2018, leading to its collapse.
He pleaded guilty in the Palm Ridge Specialised Commercial Crimes Court to charges of fraud, corruption, money laundering, contravention of the Prevention of Organised Crime Act and failure to file a tax return.
Truter offered his full cooperation to the prosecution.
“He was complicit and active during the VBS debacle and has decided to come clean,” the NPA said in a statement after sentencing.
“There are times, particularly in the area of corruption, when law enforcement needs the cooperation of insiders.
“Many of these schemes are fairly closed and only a very close group of insiders will have the know-how of the shenanigans that have taken place – someone like Truter who decides to take responsibility for his actions will always be encouraged to talk to the state and such is welcomed.”
Truter is the first person to be sentenced in the case.
Seven other suspects, who were also arrested earlier this year, deny all charges. They include former VBS chairperson Tshifhiwa Matodzi, former CEO Andile Ramavhunga and treasurer Phophi Mukhodobwane, and are due back in court on Thursday.
Matodzi has been described as the kingpin of the scheme that robbed pensioners and cash-strapped municipalities of their deposits at the bank.
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