Regiments Securities News Today

Eric Wood faces prospect of losing assets, which he claims are valued at R1.45m, despite receiving millions of rands from Transnet

Regiments Capital’s liquidators have raised conflict concerns with curator Eugene Nel after he handed power of attorney to Smit Sewgoolam Inc, the Johannesburg law firm that’s been managing most of the company’s legal fights since its State Capture woes began.

A 15-page letter by lawyers for the liquidators of Regiments Capital has plunged owners Niven Pillay and Litha Nyhonyha into a fresh crisis as a court hearing aimed at extracting cash for legal fees has been pushed back to 2023.

The owners of Regiments Capital say they need roughly R20m from their assets under restraint to cover legal expenses for several high-stakes court cases.

The Transnet Second Defined Benefit Fund (TSDBF) has launched urgent court proceedings in a bid to sequestrate Eric Wood. Wood was the chief executive officer of the now defunct Trillian Capital Partners, a financial advisory firm embroiled in the State Capture scandal. The TSDBF says it has claims in excess of R300-million against Trillian and says Wood’s personal estate is insolvent. It accuses the Johannesburg businessman of having committed various acts of insolvency that prejudiced credi...