{"id":844527,"date":"2025-11-25T17:29:00","date_gmt":"2025-11-25T15:29:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=844527"},"modified":"2025-11-25T17:53:01","modified_gmt":"2025-11-25T15:53:01","slug":"nedbank-pays-r600-million-to-transnet-in-final-settlement","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/844527\/nedbank-pays-r600-million-to-transnet-in-final-settlement\/","title":{"rendered":"Nedbank pays R600 million to Transnet in final settlement"},"content":{"rendered":"\n

Nedbank and state-owned group Transnet have agreed to a confidential commercial settlement of their ongoing litigation related to state capture-era transactions.<\/p>\n\n\n\n

The settlement is being made without admission of liability and in the interests of avoiding lengthy and costly litigation and damage to their ongoing relationship, the groups said.<\/p>\n\n\n\n

In terms of the settlement, Nedbank has agreed to pay Transnet R600 million, bringing a final end to the dispute.<\/p>\n\n\n\n

The two groups were heading towards a legal showdown over interest rate swap transactions (swaps) from 2015 and 2016\u2014during the height of state capture\u2014after mediation between them broke down in 2024.<\/p>\n\n\n\n

According to the Special Investigating Unit (SIU), these transactions involved an agreement between Nedbank and Transnet to swap the interest rate on existing loans for numerous future interest rate payments based on financial derivatives.<\/p>\n\n\n\n

The SIU and Transnet alleged that Nedbank profited in excess of R2.7 billion, and they sought to recover the amounts.<\/p>\n\n\n\n

Nedbank said it would strongly defend the litigation and initiated a counter-claim<\/strong><\/a> against Transnet and others.<\/p>\n\n\n\n

At the time, the banking group said that the sales margin it earned in respect of the swaps was market-related and amounted to less than R43 million.<\/p>\n\n\n\n

The bank also insisted that there was no evidence of any Nedbank staff dishonesty, corruption or collusion in the matter.<\/p>\n\n\n\n

According to the latest joint statement from the groups, both Nedbank and Transnet are standing by their previous statements and positions on the litigation, but have settled to move forward.<\/p>\n\n\n\n

“Transnet and Nedbank have a long-standing relationship, and the settlement of this litigation allows them to continue to develop this important relationship in the national interest and for the furtherance of the infrastructure investment and economic growth,” the statement reads.<\/p>\n\n\n\n

The groups stressed that Nedbank\u2019s payment to Transnet is made without admission of liability and in full and final settlement of the dispute.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nedbank and state-owned group Transnet and have agreed a confidential commercial settlement of their ongoing litigation around state capture-era transactions.<\/p>\n","protected":false},"author":10,"featured_media":812747,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[1799,2138],"class_list":["post-844527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-nedbank","tag-transnet"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/844527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=844527"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/844527\/revisions"}],"predecessor-version":[{"id":844529,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/844527\/revisions\/844529"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/812747"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=844527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=844527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=844527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}