In a large frypan, heat the oil on high and add the garlic. Reduce to medium high and cook until the garlic begins to turn golden then add the capsicums. Cook until the capsicums are soft and turning brown around the edges. Add the olives and chilli flakes and stir. Pour in the wine and cook for 2 minutes.
Add the tomato-vegetable juice, basil, oregano, sugar, salt and pepper. Bring to a boil and reduce heat to medium. Cook until liquid is halved. Stir in parsley. Serve over your favourite pasta.