PRETORIA – Phillip Truter, the first person to be sentenced for his role in the VBS Mutual Bank heist, has been released on parole, the Department of Correctional Services has announced.
In 2020, Truter was sentenced to 10 years in prison, with three years suspended.
Speaking to Newzroom Afrika on Monday, national spokesperson for the Department of Correctional Services Singabakho Nxumalo said Truter was released in April.
“Mr Truter was taken into custody after this conviction and then began serving his sentence. He was given a 10-year sentence with three years suspended for a period of five years, meaning he had to serve seven years,” said Nxumalo.
“He served the sentence and after he had served the minimum period of imprisonment in terms of section 72 of the Correctional Services Act, he was then considered for parole. Ultimately, the Parole Board released him on 12 April 2024.”
He said Truter benefited from the special remission of sentence scheme, which saw only two months of his sentence removed.
“That would have been three years and six months, which he reached on 6 April 2024. Yes, he benefited from the special remission of sentence, but it was very minimal. He only benefited by two months. So it really didn’t count for much,” said Nxumalo.
“It helped him in terms of what is left of the total sentence because the seven years that he was given will expire on 6 October 2025.”
Nxumalo said Truter was currently being monitored by the department while on parole.
Truter received R5 million of the R2 billion allegedly looted from the mutual bank and was sentenced after pleading guilty to charges of fraud, corruption, racketeering, theft and money laundering in the Palm Ridge Specialised Commercial Crimes Court in Gauteng.
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