SIU and Transnet Take Nedbank to Court After Benefitting Almost R3 Billion in Transactions

• The Special Investigating Unit and state-owned entity Transnet have dragged Nedbank to court for past transactions
• SIU claimed that the bank benefitted almost R3 billion from 2016 to 2016 from the interest rates in swap transactions between it and Transnet
• The bank also unduly received payments from Transnet under the transactions, and the SIU and Transnet want to recover the money

Tebogo Mokwena, a Briefly News current affairs journalist in Johannesburg, South Africa, covered police investigations and court cases at Daily Sun for over three years.

JOHANNESBURG — The Special Investigating Unit and Transnet have approached the Johannesburg Magistrates Court to recover the R2,7 billion Nedbank reportedly benefitted from Transnet unduly.

Nedbank taken to court

@RSASIU posted on its X account that Nedbank benefitted R2,736,094 between 2015 and 2016 in swap transactions between it and Transnet. These transactions were also featured in the Commission of Inquiry into State Capture.

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SIU believes the interest rate swaps are void and calls on Nedbank to account for its involvement in the transactions. SIU also uncovered evidence critical to the case, although it did not specify the evidence.

Briefly News reached out to Nedbank for a comment. It did not respond at the time of publication.

View the tweet here:

SA in disbelief

Although South Africans were impressed with the SIU's work, they were stunned by the allegations.

Anold said:

"Thay Transnet CFO really messed up."

Wandile Shongwe said:

"Finally, WMC can start feeling some pain as well."

LD asked:

"If banks are corrupt, what about us?"

Black Ape said:

"You guys are cooking, hey!"

Kingmaker said:

"They must revoke the banking license of Nedbank. This is the same bank that was quick to freeze the bank accounts of those linked to state Capture when they were implicated."

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MS and others said:

"Don't let this slide. The banks must learn. Hope this goes in your favour."

M said:

"Time to touch the imperious and untouchable big banks."

Nedbank moves to liquidate Educor colleges

In a similar article, Briefly News reported that Nedbank bid to liquidate Leo Chetty Group, the owner of Educor.

This was to recover almost R50 million in unpaid loans from the Group; thousands of students were affected, especially after the government deregistered the colleges for noncompliance.

Source: Briefly News