The head of the South African bank VBS was sentenced to 10 years in prison. He is accused of plundering the economy of the poorest. It is one of the biggest corruption scandals in South Africa.
On Wednesday, former CFO Philip Truter was the first to be convicted in the VBS case. VBS-mutual bank was nicknamed “the bank of the poor”. Founded at the height of apartheid in 1982 in Venda, a former Bantustan far north in the country reserved by the white authorities for black communities, the bank housed the money for the most modest savers.
Savings plundered by its leaders
Two years ago it collapsed. Its box was empty, looted by its leaders. Which caused a huge corruption scandal.
At the time, newly elected President Cyril Ramaphosa promised to prosecute those responsible for the looting. In total, 53 leaders and politicians are accused of stealing almost 102 million euros.
The conviction of Philip Truter, former CFO, is the first in this lawsuit. He had pleaded guilty to fraud, corruption, money laundering and extortion. The latter negotiated a reduction of the sentence in return for his cooperation with the courts. This therefore suggests other condemnations, especially within the ranks of the ANC, the party in power.
VBS is also known to have granted a favorable loan to former President Jacob Zuma accused of abusing public property.