South Africa: Regiments Capital Owners Score High Court Victory Over NPA

analysis

The National Prosecuting Authority has lost a vital first round against the now liquidated Regiments Capital but is studying the ruling.

The High Court in Johannesburg has discharged a draft restraint order obtained by the National Prosecuting Authority (NPA) to secure more than R1-billion in assets belonging to Regiments Capital and its owners, Eric Wood, Niven Pillay and Litha Nyhonyha and their respective family trusts.

A 31-page ruling handed down by Judge Maletsatsi Mahalelo on Monday October 26 puts the essence of the NPA's defeat down to the non-disclosure of material information.

That, the court found, may have influenced the initial court's decision to grant the NPA's much-heralded interim order last year.

The prosecuting authority secured an interim order in November 2019 but has now failed to convince the court why the order, obtained ex parte (a decision made by a judge without requiring all of the parties to the dispute to be present), ought to be made final.

Monday's ruling says that the State, represented by the head of the Independent Investigative Directorate, advocate Hermione Cronje, had neglected to divulge a full picture of the impact of Regiments' repayment deal with the Transnet Second Defined Benefit Fund (TSDBF) and...

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