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Media Statement

29 September 2017

Response to The Times questions sent 28 September 2017 by Stephan Hofstatter

SH: I understand that Dr Wood attended a meeting in 2012 when he was working for
Regiments where Salim Essa and Kuben Moodley proposed that Regiments partner with
McKinsey. Can Dr Wood confirm or deny this?

Mr. Kuben Moodley is a personal friend of Mr. Niven Pillay. Mr. Pillay entered into an
arrangement with Mr. Moodley and his company Albatime whereby Albatime would
assist in Regiments business development. To this end, Mr. Moodley introduced Mr. Essa
to Mr. Pillay in 2012. Mr. Wood was not present in this meeting.

Subsequent to this meeting, Regiments contracted with McKinsey and Mr. Niven Pillay
from Regiments was managing the relationship and contractual workflows emanating
from this arrangement. Only after six months of this contract having endured was Dr
Wood approached by his Regiments partners to assist in the management and work
delivery in relation to the various contracts.

SH: Leaked Gupta emails show that Gupta employees were in discussions with Dr Wood
for the Gupta family to buy shares in Regiments as early as July 2014, and that Dr Wood
was providing them with confidential Regiments information. This bolsters allegations
made by Regiments in later court proceedings that Dr Wood was attempting to sell
Regiments to the Guptas behind their backs. Would Dr Wood care to comment on this

Without confirming the veracity of the leaked emails, the Gupta family made an
approach to the shareholders of Regiments Capital through Mr. Salim Essa to acquire a
controlling stake in Regiments. The Regiments directors, Messrs. Niven Pillay, Litha
Nyonyha and Eric Wood, in an effort to further understand the approach invited Mr.
Essa to join them at a weekly lunchtime meeting at Tortelini DOro restaurant. Following
on from this interaction Dr Wood was authorized by his Messrs. Niven Pillay, Litha
Nyonyha to provide such information as would be necessary for a formal offer to be

Dr Wood through the Zara Share Trust holds a minority stake of 32% in Regiments and it
would be impossible for him to sell Regiments to the Guptas behind their backs as
the sale of a controlling interest would have required the buy-in of the remaining
shareholders in Regiments. Trillian wishes to point out that it was widely-reported in the
media that Mr Pillay was implicated in a questionable relationship with former Gauteng
Health MEC Brian Hlongwa. Mr Nyhonyha, too was the subject of several media reports
related to questionable conduct in setting up of investments that stood to benefit
certain politically connected individuals. As you are aware the dispute between the
Regiments shareholders is currently before a court of law and it is only fair that you allow
this process to run its course before accepting as credible the untested allegations to
which you refer.

SH: Dr Wood has often been described, along with his former business partner Salim
Essa, as a proxy for the Gupta family and their business interests. What is Dr Wood's
relationship with the Guptas?

Dr. Wood has no relationship with the Gupta family and is most certainly not a proxy for
the Gupta family (or anyone else). Mr. Essa is no longer a shareholder of Trillian and in so
far as your question relates to him, please direct this question to Mr. Essa.

SH: I understand that Dr Wood was invited to and attended the Gupta wedding in Sun
City. Can he confirm or deny this? Why was he invited to the wedding?

Dr. Wood can only surmise that the reason he was invited to the wedding was that
Regiments had at the time been appointed to advise ANN7 on its bid to acquire
Independent News and he was the lead advisor at Regiments in respect of this

SH: For some time after Salim Essa and Dr Wood bought TCP in 2015 12% of the
company was held by Aerion Nominees, later transferred to Trillian Nominees. Who
were these shares held for? (please find the CoR24 Request for Access to Company
Information forms attached).

The shares held by Aerion Nominees were intended to be for the benefit of the
employees of Trillian with the emphasis on supporting transformation.

SH: News reports allege that while Dr Wood worked at Regiments he diverted money
offshore through Homix and Bapu Trading that Regiments had earned from its work
with McKinsey at Transnet and other SOEs. Would Dr Wood care to comment on these

Over the past few months various sensational news reports have been published
making widespread allegations none of which have been proven true in a court of law.
Similarly, the allegations in regard to the diversion of funds offshore by Dr. Wood are
categorically false.

SH: Has Dr Wood been questions by SAPS or Hawks investigators regarding allegations
of money laundering made against him, with evidence attached, in an affidavit by
Regiments director Litha Nyonya? What is his position on these allegations?

No such questioning has taken place. As indicated in previous responses to your media
house the allegations contained in this affidavit are spurious and not supported by
objective evidence. Dr. Wood has answered these allegations fully and under oath and
the dispute between Regiments shareholders is currently before a court of law. We
reiterate that it is only fair that FM allows this legal process to run its course before
accepting any particular version of the allegations. It is imperative to point out that Dr
Wood has not been charged or found guilty by a court of law.

SH: I also understand that Eskom, on the advice of various investigations done into
payments it made to Trillian and McKinsey, is preparing a criminal case of corruption
against Trillian. Have investigators from the SAPS/Hawks questioned anyone at Trillian in
relation to this matter?

Trillian again denies that there is any basis for such a case. No investigators have
contacted anyone at Trillian in this regard. To date Trillian has not been officially
informed of any investigation into its work nor has it been asked for information or
documentation by any such entity. Trillian reiterates that it has only billed for work it has
completed to the satisfaction of its clients and for which it was duly authorized to do.

SH: I understand Dr Wood left Investec under a cloud. Could Dr Wood explain the
reasons for his departure from Investec?

Dr. Wood was employed by Investec during the period 1988 to 2002 and left for
personal reasons.