Not only did Gupta-linked Regiments Capital allegedly use inside information to make millions, it seems to have made this money off its client, the Transnet pension fund

President Jacob Zuma’s surprise sacking of finance minister Nhlanhla Nene at the end of 2015 sparked economic panic: the rand plunged to a record low against the dollar and even the normally steady bond market recoiled. New evidence, disclosed here for the first time, reveals how one investment company, little-known boutique operation Regiments Capital, raked in at least R133m by trading on the turmoil. Related deals under investigation may have raised the total profit to as much as R500m as SA cycled through three finance ministers in just four days. This is especially concerning since evidence uncovered by the Organised Crime & Corruption Reporting Project (OCCRP), a research group, shows that Regiments probably knew for weeks that the respected Nene would be dismissed in December 2015.

The firing appeared abrupt to the rest of the world. But weeks before Nene was dismissed, Eric Wood, then one of Regiments’ three directors, called a meeting with a senior manager at his firm...

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