Businessman Eric Wood, linked to Gupta, granted permission to travel to the UK for the festive season

By | December 1, 2022

Businessman Eric Wood appeared at the Palm Ridge Specialty Crimes Court on October 14, 2022.

Businessman Eric Wood appeared at the Palm Ridge Specialty Crimes Court on October 14, 2022.

  • Former Regiments Capital shareholder Eric Woods will be spending the festive season abroad.
  • Woods was granted permission to travel abroad by the Joburg Commercial Crimes Court located in Palm Ridge.
  • He and others are facing a series of charges for allegedly defrauding Transnet.

Controversial businessman and former regimental capital director Eric Wood was allowed to travel to the UK.

Johannesburg’s Commercial Crimes Court, located in Palm Ridge, ruled after hearing an application filed by Woods on Wednesday.

Woods asked the court to allow the investigating officer in the fraudulent Transnet multi-million takeover business to surrender his local and British passports.

Magistrate Brian Nemavhidi then ordered the investigating officer to hand Woods his passports.

Woods is due to travel to Britain on December 19, 2022 and return on January 9, 2023.

“By agreement between the two parties, all passports [must] be returned to the applicant. The return is subject to proof of the address where you would reside at least five days before departure.

“He must return both passports to the investigating officer within three working days of arrival in South Africa,” Nemavhidi decided.

READ | Businessman linked to Gupta recovers passports and can travel

Attorney for prosecutor Peter Masiakwala did not object to the request.

Wood’s bail was extended.

National Prosecution Authority (NPA) Investigative Directorate Spokesman Sindisiwe Seboka said it was not the first time Wood had filed such a request before the court.

“He once applied for the relaxation of his bail conditions. We fought that. Unfortunately, the court ruled against us and granted his request. He traveled abroad and came back.

“We are operating on faith that he would do the same this time. But if he fails, we have various safeguards and guarantees through the Asset Forfeiture Unit (AFU) component in which we can see your (assets) confiscated from the state.” “

Seboka added that Wood and Regiments Capital was in the process of liquidation.

“They face various legalities. The South African Revenue Service (SARS) also wants a share in the company. He has a trust where he, his daughter and someone else are beneficiaries. We hope that will be enough.

“We hope from the assurances we got from the AFU that he would do the right thing and come back. If not, we will have to extradite him. For now, we are comforted by strong assurances from the AFU,” Seboka said.

the accused

Woods briefly appeared along with former head of Transnet and Eskom Brian Molefe, former CEO of Transnet group Siyabonga Gama, former group finance director Anoj Singh, regimental capital directors Niven Pillay and Litha Nyhonhya, former chief financial officer of Garry Pita group, former treasurer of Phetolo Ramosebudi group, Eric Wood, shareholder of Regiments, current director of Trillian Asset Management, Daniel Roy of Novum Asset Management and Kuben Moodley of Albatime Pty Ltd.

transnet

Former Transnet CEOs Brian Molefe and Siyabonga Gama, former CFO Anoj Singh, former interim CFO Garry Pita and others from McKinsey & Co, Regiments Capital and Trillian appear in court.

Mckinsey and Companies SA could not find anyone to represent it as it is in the process of legal liquidation.

The case was in court because the State wanted to verify that the accused had received the promised disclosures.

READ | Brian Molefe, McKinsey in court for Transnet fraud – Barry Roux is part of the great defense team

“The investigating officer collected several of the accused’s hard drives to give them the voluminous file. The disclosure continued until this morning.

“The defendants are satisfied with what they received. Next year’s postponement is a wait date. They may still come back and ask for more details,” Seboka said.

Background

The defendants and their companies are facing charges stemming from the locomotive transaction consultancy tender awarded to the McKinsey-led consortium in 2012, resulting in the acquisition of 1,064 locomotives worth more than R54 billion.

Regimentos Capital was irregularly hired and ended up benefiting from the irregular appointment of Transnet for the purpose of the contract.

The value of the contract and the scope of required services were subsequently increased to over R305 million.

This agreement included, among other services, securing the loan from the China Development Bank and the Club loan in the amount of US$2.5 billion on behalf of Transnet.

The defendants also face charges relating to the R93.4 million paid to Trillian Asset Management in 2015.

The group is due back in court on April 20, 2023.


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