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.