Philip Truter, the former chief financial officer of VBS Mutual Bank, pleaded guilty to charges of racketeering, money laundering, fraud, and corruption in the High Court in Palm Ridge, Johannesburg on Wednesday.
He was subsequently sentenced to ten years in prison, of which three years were suspended.
As part of the plea agreement, Truter will be a state witness in the case against his co-accused.
Truter faced one charge of racketeering, two of fraud, one of corruption, one of money laundering and one of failure to submit a tax certificate.
According to the plea agreement, Truter admits that he doctored VBS ‘financial statements. He knew VBS was insolvent and that what he was doing was wrong, according to the plea agreement read out by the state.