Nedbank says talks with Transnet over Gupta-linked deals have broken down
Mediation efforts have broken down between Nedbank and Transnet over the lender's role in interest rate swap transactions that the state-run rail and ports operator regards as potentially tainted by corruption, opening up the possibility that the two parties may end up in litigation.
The mediation relates to various interest rate swap transactions entered into between Nedbank and Transnet on the basis of advice from Regiments Capital, a financial advisor to state-owned entities that has been linked to the infamous Gupta family that was widely implicated in state capture. The swap transactions, which took place in December 2015 and March 2016, involved Transnet raising financing from Nedbank and other funders for its locomotives procurement deal, with Nedbank using interest rate swaps to hedge against the floating interest rate risk on the loans.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.
Mike Brown Interest Rate Swaps
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nedbank readies for legal showdown with TransnetMediation between Nedbank and Transnet over interest rate swaps in the 2010s has ended, with the bank ready to defend itself in court.
Read more »
Students Uneasy As Nedbank Moves to Liquidate Damelin, CityVarsity and Other Educor InstitutionsNedbank seeks to liquidate Educor institutions such as Damelin and CityVarsity. The move aims to recover R50M in unpaid loans from the Leo Chetty Group.
Read more »
What to do if you lose your South African passport overseasNedbank breaks down the steps that one should follow when they lose their passport overseas.
Read more »
EDUCOR in liquidation crisis as Nedbank takes actionEducor, a private higher education group already grappling with the deregistration of four colleges, faces further challenges as Nedbank seeks to liquidate one of its property arms due to outstanding loans.
Read more »
Damelin owner Educor faces new crisis as Nedbank seeks liquidation of property groupDamelin owner Educor faces new crisis as Nedbank seeks liquidation of property group
Read more »
Nedbank launches Bank Your Time – Save time when managing your moneyNedbank has unveiled its new Bank Your Time campaign, which helps its customers save time and money.
Read more »