Judgement expected on Monday on final forfeiture on Regiments Capital’s R1.6bn frozen assets

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Regiments Capital has been accused of involvement in Gupta-linked state capture.

The high court is on Monday expected to deliver judgement on the final forfeiture order on Regiments Capital’s frozen R1.6 billion assets.

Regiments Capital has been accused of involvement in Gupta-linked state capture.

The spokesperson of the national prosecuting authority (NPA) Sindisiwe Twala said the Investigating Directorate (ID) brought the application as it strongly believed that the assets are proceeds of crime.

“The ID is investigating fraud, corruption and money laundering related to Transnet.

“The court granted an interim restraint order in favour of the ID in November 2019 where R1.085 Billion was frozen. The initial application was made to prevent the company from concealing the proceeds based on the ID’s reasonable suspicion that Regiment Capital conspired with other role players to loot Transnet.

“The restrained applications were brought in terms of section 26 of the Prevention of Organised Crime Act 121 of 1998, as amended (POCA).

“The provisional restraint order resulted in the freezing of assets that belong to all the companies and family trusts of main suspects in the capture of Transnet, Eric wood, Niven Pillay and Litha Nyhonyha.

“It is alleged that criminal offences were committed when Regiments acted as transaction advisers to Transnet and performed investment services to the Transnet Second Defined Benefit Fund (TSDBF).”

(Compiled by Makhosandile Zulu)

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