South Africa | NPA's Investigating Directorate loses court bid to keep Regiments R1.6bn assets frozen

Regiments Capital Executive Chairman Litha Nyhonyha in Johannesburg, South Africa.

Regiments Capital Executive Chairman Litha Nyhonyha in Johannesburg, South Africa.

The ID is part of the National Prosecuting Authority and deals with high-level fraud and corruption.  

The urgent interim application at the Johannesburg High Court to freeze the assets was done 'ex parte', which means Regiments had not been made aware of the ID’s intentions, on the basis that the fund manager would have moved its assets away from the ID’s reach.

Regiments had argued that the ID failed to disclose information relating to the settlement agreement between Regiments and Transnet, how the agreement was implemented and the cooperation of the company’s executives, including Litha Nyhonyha, owner; executive chair of Regiments, Niven Pillay; and Trillian CEO Eric Wood, who was once a director at the company.

The other non-disclosure related to the ID not informing the court, in its application for the interim restraint, that Regiments had reached a settlement agreement with TSDBF, which would have influenced the court’s decision.

Sindisiwe Twala, ID spokesperson said, "We are still studying the judgment and will consider our options."

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