Calls for Nedbank to be probed over interest rate swap transactions
Nedbank has been referred to the Special Investigating Unit (SIU) by the Airports Company SA (ACSA) and in addition may face legal woes from Transnet.
According to News24, the bank is at loggerheads with ACSA and Transnet over interest rate swap transactions that were conducted with state-owned entities (SOEs).
These transactions were allegedly based on advice from Regiments Capital, a company linked to the Gupta family.
According to the report, Regiments served as a financial adviser to ACSA and Transnet and would broker funding agreements with various SOEs and this included a number of multibillion-rand interest rate swap transactions with Nedbank.
Regiments Capital was paid handsomely for being the middle man.
“ACSA has approached the Special Investigating Unit (SIU) for it to initiate legal proceedings on behalf of ACSA against Nedbank,” the company told News24.
“ACSA has not notified Nedbank of its intention to seek damages,” ACSA said.
Nedbank is aware of the referral and has said that it will cooperate with any investigations.
Transnet
Transnet is also weighing its options against Nedbank and said that it may seek legal or regulatory recourse against the financial institution.
The rail company said that it was unable to disclose all the details on the matter with Nedbank due to the confidential nature of the engagements.
“If the engagements between the parties are unsuccessful, Transnet will be left with no alternative but to pursue the available remedies to protect its rights and interests, including recovery of the amounts in question,” Transnet said.
Nedbank CEO Mike Brown
Nedbank is aware that it may face legal or regulatory proceedings over the interest rate swap deals.
“We certainly don’t think they were prejudiced in any way – they think they were. We’ll have to demonstrate who’s right and who’s wrong,” Nedbank’s CEO Mike Brown said.
“Nowhere in any of our engagements has anyone given us proof that either Nedbank or our staff were involved in any way knowing that Regiments and the SOEs were in some way fraudulently colluding,” he added.
IOL NEWS has reached out to SIU to enquire if the unit will be taking up the case and will conduct investigations into the interest rate deals and Nedbank’s role.
Nedbank’s share Price
Nedbank’s share price was not impacted by ACSA’s referral to the SIU on Monday.
The bank’s stock was trading at around R225.50 at 11.30am. It was trading at around R222.38 at the close of business on Friday.
Over the last year, the the bank’s share price has increased by 3.34%.
IOL BUSINESS
News Related
-
1024x768_france-antoine-dupont-and-fabian-galthie-oct-2023-jpg Fabien Galthie’s men went into the global tournament as one of the favourites but they were ousted in the last-eight. Les Bleus suffered a 29-28 defeat to the Springboks as they were eliminated at their home World Cup by the eventual champions. It was a similar story to 2019, ...
See Details:
Antoine Dupont still hurt by 'injustice' of World Cup loss to Springboks
-
China’s New Aircraft Carrier Begins Catapult Testing Testing of the catapults on the Chinese aircraft carrier Fujian has begun. This is an important step forward in the construction of this ship, which is set to be the first carrier in the People’s Liberation Army Navy, or PLAN, that launches aircraft ...
See Details:
China's New Aircraft Carrier Begins Catapult Testing
-
Aircraft Downed Inside Russia By Patriot System: Ukrainian Air Force The Ukrainian Air Force has now confirmed that a number of Russian aircraft shot down back in May over their own territory were indeed destroyed by a foreign-supplied Patriot air defense system. The possibility that Ukraine’s newly acquired Patriots may ...
See Details:
Aircraft Downed Inside Russia By Patriot System: Ukrainian Air Force
-
-
Exiled Mayor of Melitopol Ivan Fedorov delivers a speech during a meeting of the Foreign Affairs Committee of the European Parliament on April 20, 2022 in Brussels. Fedorov on Monday said Ukrainian partisans blew up a car with pro-Russian fighters inside over the weekend. A car with Chechen soldiers fighting ...
See Details:
Car With Pro-Russian Fighters Blown Up by Resistance: Exiled Mayor
-
-
Springbok lock opts not to renew contract with URC team Rugby World Cup-winning lock RG Snyman has opted not to extend his stay at Munster beyond the current season. This week, it was revealed by Munster that Snyman would seek new horizons once his deal with the Irish Province expires. ...
See Details:
Springbok lock opts not to renew contract with URC team
-
Pravin Gordhan’s deathly legacy: A threat to SA’s economic future In the corridors of power, where decisions shape the destiny of nations, one man has emerged as front runner for the dubious honour of being the architect of South Africa’s economic chaos – Minister of Public Enterprises Pravin Gordhan, at ...
See Details:
Pravin Gordhan’s deathly legacy: A threat to SA’s economic future
-
Pravin Gordhan’s deathly legacy: A threat to SA’s economic future In the corridors of power, where decisions shape the destiny of nations, one man has emerged as front runner for the dubious honour of being the architect of South Africa’s economic chaos – Minister of Public Enterprises Pravin Gordhan, at ...
See Details:
Antoine Dupont STILL hurt by ‘injustice’ of Rugby World Cup loss to Springboks
-
Pravin Gordhan’s deathly legacy: A threat to SA’s economic future In the corridors of power, where decisions shape the destiny of nations, one man has emerged as front runner for the dubious honour of being the architect of South Africa’s economic chaos – Minister of Public Enterprises Pravin Gordhan, at ...
See Details:
Rubber stamping NHI Bill will have damaging consequences for SA for generations
-
-
Pravin Gordhan’s deathly legacy: A threat to SA’s economic future In the corridors of power, where decisions shape the destiny of nations, one man has emerged as front runner for the dubious honour of being the architect of South Africa’s economic chaos – Minister of Public Enterprises Pravin Gordhan, at ...
See Details:
After the Bell: SA’s NHI healthcare disaster starts right here
-
Pravin Gordhan’s deathly legacy: A threat to SA’s economic future In the corridors of power, where decisions shape the destiny of nations, one man has emerged as front runner for the dubious honour of being the architect of South Africa’s economic chaos – Minister of Public Enterprises Pravin Gordhan, at ...
See Details:
Gupta-linked development land for sale
-
OTHER NEWS
A senior Volkswagen executive involved in a global cost-cutting strategy said on Friday, 24 November, he was “very worried” about the future of the company’s operations in South Africa, which ...
Read more »
Photograph: Toby Melville/Reuters Liz Truss, the shortest-serving prime minister in British history, who was famously shown to have a shorter shelf life than a lettuce, has effectively backed Donald Trump ...
Read more »
Standard Bank treasonous? We're literally helping to keep the lights on says CEO Bruce Whitfield speaks to Lungisa Fuzile, Standard Bank SA CEO. Standard Bank is one of 28 banks ...
Read more »
Israel, Hamas agree to extend truce for two days; Musk ‘would like to help rebuild Gaza’ The UN said many people in Gaza still had no food or cooking fuel ...
Read more »
Mamelodi Sundowns’ former coach, Pitso Mosimane, dismissed the African Football League Jingles shared his opinion and compared it to the CAF league and said that it was a mere tournament ...
Read more »
Take note of these N3 road works between Westville and Paradise Valley The N3 between the Westville viaduct and Paradise Valley interchange will be partially closed to traffic for the ...
Read more »
UKZN medical student bags 2023 Health Excellence Rising Star Award Durban — One of the country’s most progressive young minds in the medical field, fifth-year University of KwaZulu-Natal (UKZN) medical ...
Read more »