South Africa: Regiments Chronicles – R349 Million ‘Stolen’ From Pensioners in Four Days


After allegations emerged in court of yet another scam that Regiments Capital used to plunder a Transnet pension fund, Regiments directors quickly agreed to pay half a billion rand to settle all the fund’s claims against it. But Eric Wood, a former director, has gone to court to quash the deal, claiming his former colleagues are using the company’s money to save themselves, leaving him to face the music.

Regiments Capital has agreed to an astounding R500-million settlement with the Transnet Second Defined Benefit Fund (TSDBF).

Regiments is a financial services company that scored hundreds of millions of rand in business from Transnet with a leg-up from the Guptas and their associates.

The settlement follows the revelation of a previously unknown stratagem Regiments allegedly used to suck R349-million from the pension fund in a mere four days during late 2015 and early 2016.

TSDBF launched a R230-million claim against Regiments in the Johannesburg High Court two years ago, charging that the firm had irregularly scored that amount in fees from dubious interest-rate swap transactions concluded as part of Transnet’s tainted locomotive purchase spree.

The fund amended its claim a month ago, alleging that an audacious set of “bond churn” transactions…

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Source link : https://allafrica.com/stories/201909020760.html

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Publish date : 2019-09-02 15:53:45

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