Nedbank cut a check for 600 million rand to Transnet after getting dragged into some sketchy interest rate swap deals that had Gupta fingerprints all over them. The logistics company said those transactions from back in the day ended up costing them around 3.4 billion extra in interest payments, with a firm called Regiments Capital pocketing hundreds of millions in fees for setting everything up. The bank said they did nothing wrong but paid up anyway to end the lawsuit and keep their business relationship with Transnet going.
Transnet has been chasing down money lost during the whole state capture mess and has recovered over 4 billion rand through various settlements and legal wins. The swap drama got flagged during the Zondo Commission hearings that looked into corruption during the previous administration. Critics are saying settlements without actual admissions of guilt let banks off too easy, but both sides seem happy to move on and focus on future projects instead of getting stuck in court for years.
Transnet has been chasing down money lost during the whole state capture mess and has recovered over 4 billion rand through various settlements and legal wins. The swap drama got flagged during the Zondo Commission hearings that looked into corruption during the previous administration. Critics are saying settlements without actual admissions of guilt let banks off too easy, but both sides seem happy to move on and focus on future projects instead of getting stuck in court for years.
