The state has lost its application for state capture accused Eric Wood to pay an additional R2m bail to guarantee his return to SA, reports TimesLIVE.

The former Regiments Capital director's bail conditions were relaxed by the Specialised Crimes Court in Palm Ridge yesterday.

The court granted Wood, who is out on R250 000 bail, permission to travel to Spain and the UK to visit his family.

After the state's application for his bail to be increased, Wood’s lawyer Estelle Killian successfully argued that the state had already preserved R450m from Wood which he could lose if he did not return to SA.

Killian argued that the state was indirectly asking the court to challenge its own decision to allow Wood to travel.

The court ruled Wood's two passports must be returned to him on or before 9 September and ordered that he return them by 5 October, a week before his next court appearance on 14 October.

Wood is expected to travel abroad between 10 and 20 September.

The state opposed the application by Wood, who has dual SA-UK citizenship, saying there was a risk he could fail to return to stand trial.

Magistrate Brian Nemavhidi ruled it was ‘mere speculation that if given his passports he may not return’.

Nemavhidi said Wood knew for about four years he would be charged and had ample opportunity to leave the country if he had intentions of evading trial.

The state unsuccessfully argued Wood had no family connections in SA and his assets are under restraint, while in Spain he had access to an investment worth €65 000 (about R1.1m).

Wood is charged with fraud and corruption related to the R398.4m Transnet locomotive advisory contracts.

Full TimesLIVE report