Exposed – bond trader who netted Guptas R600m when Nenegate hit SA

By Alec Hogg

Financial criminals face two big challenges. First, as theirs is a sophisticated area, they tend to graduate from legitimate businesses. So are well known, and their sudden wealth quickly noticed by those who stayed behind. And second, because there is no honour among thieves, today’s friends are often tomorrow’s snitches.

Eric Wood
Eric Wood, who in his company’s own words is the greatest trading star in South Africa, is at the centre of allegations involving money laundering and state capture. Journalists have been probing his business dealings involving state entities and Gupta-linked entities.

Eric Wood, the Gupta ally in the middle of the Trillian Capital Partners scandal, is feeling the sharp end of this reality as his actions get exposed in court. His squirming has become more intense as details of his role get unpacked by the excellent team of investigative journalists at amaBhungane. Difficult to uncover gaps in a year-long investigation are being closed by the Trillion court papers.

Ever since Nenegate last December, bond market insiders have been urging the JSE and other market authorities to investigate trades conducted during that fateful month. Well informed sources kept telling me the Guptas made R600m by selling rand-denominated bonds ahead of the shock Nene announcement – harvesting their profit while the country suffered the consequences.

As Wood operated on bond trading desks for decades, the Gupta’s financial trading kingpin might not have been smart enough to get promoted, but even a novice would know how to use dynamite political information. His paymasters publicly describe this bond market has-been as “the greatest trading star in Africa.” In reality, his supposed success is simply a by-product of being a regular at the Saxonwold shebeen.

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