The final sequestration of Gupta associate Eric Wood by the Transnet Second Defined Benefit Fund, after he was accused of siphoning millions of rand from the entity, is edging closer after he lost his appeal.

Wood, through two companies he worked for – the Regiments Group and later the Trillian Group – was paid more than R110m to the detriment of the fund.

The Sunday Tribune reports that the fund successfully argued in November 2022 that Wood was insolvent, and estimated his liabilities to exceed R530m.

He was provisionally sequestrated.

The Gauteng High Court (Pretoria) heard that the funds related to the fund’s claims against him including R313m in the main action and R220m demanded by the SARS.

According to the fund, Regiments received R348m from it for profits it generated from bond churning transactions.

Wood also benefited from Regiments’ subsidiaries, Regiments Fund Managers and Regiments Securities Limited.

His share of the money was over R90.1m and was paid to two of his companies, Tantacode and Zara W.

Wood told the court that his assets were worth R1.455m and the court declared him insolvent.

‘Taking into account that Wood has received, through his entities which received payment on his behalf as well as directly, many millions of rands more than he claims his estate is worth, I am satisfied that there is reason to believe that investigation and inquiry may unearth assets that will benefit creditors,’ reads the judgment.

The Sunday Tribune notes that Wood then filed an application for leave to appeal the ruling.

Wood stated that almost every single piece of evidence before the court was hearsay evidence and that these were not civil proceedings and that hearsay evidence could not be admitted as the proceedings were not civil in nature.

The court was unconvinced and dismissed Wood’s application for leave to appeal on 7 May.

Wood has not stated whether or not he plans to challenge the matter.

Full Sunday Tribune report