Ruling expected in Regiment Capital forfeiture case
The High Court in Johannesburg is expected to deliver judgment on the final forfeiture order on Regiments Capital’s frozen R1.6 billion assets.
The ruling against the company, which has been linked to state capture, is expected to be handed down in Monday.
National Prosecuting Authority (NPA) spokesperson Sindisiwe Twala says the application was brought by the Investigative Directorate (ID) as it believes the company’s assets are proceeds of crime.
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“The ID is investigating fraud, corruption, 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 provisionally 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.”