Mediation between Nedbank and Transnet over interest rate swap transactions from 2015 and 2016 has ended – with the group saying it is ready to defends against any legal proceedings that may follow.
“The bank’s willingness to discuss any potential settlement in mediation has always been exclusively on the basis that any settlement should never be construed as being an admission of guilt or involvement in corruption on Nedbank’s part,” said the bank. “Nedbank has previously alerted its shareholders, in its 2022 and 2023 Integrated Reports, to the risk of litigation by Transnet should mediation fail.It said that it was not provided with any evidence of collusion or corruption on the part of its staff and rejected Transnet’s attempts to blame the bank for its own governance failures.
“Regiments Capital, and not Nedbank, was the appointed adviser to Transnet. Nedbank did not advise Transnet on the swaps at all and did not pay any fees to the Regiments Group in respect of the swaps.”