Nedbank has agreed to pay Transnet R600 million to settle legal dispute
Zuko Komisa
- Nedbank Group settled its long-running legal dispute with Transnet, agreeing to pay R600 million in a confidential commercial agreement.
- The payment resolves a case over controversial 2015/2016 interest-rate swaps, which were allegedly linked to Regiments Capital and the Gupta family state capture scandal.
- Both parties asserted the resolution, reached without Nedbank admitting liability, is in the national interest to preserve their business relationship and support infrastructure.
Nedbank Group has agreed a confidential commercial settlement of R600 million with state-owned logistics firm Transnet, resolving a year-long legal row over interest-rate swaps.
The payment, made without any admission of liability, ends a case brought by Transnet and the SIU to recover funds from swap deals dating back to 2015/2016.
The SIU had alleged Nedbank made a profit of over R2.7 billion from the transactions.
The swaps were concluded under the advice of Regiments Capital, a firm linked to the Gupta family and the state capture inquiry. Nedbank stated it was unaware of any collusion.
Both long-time partners described the resolution as being in the national interest, allowing them to focus on infrastructure investment and economic growth.
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