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The shadow of state capture still looms over Nedbank, which has been referred to the Special Investigating Unit (SIU) by the Airports Company SA (ACSA) and may also face legal action from Transnet.
SA's fifth-largest bank by market value may soon be at legal loggerheads with ACSA and Transnet over interest rate swap transactions concluded with the state-owned entities (SOEs), based on the advice of Gupta-linked Regiments Capital. Regiments acted as financial advisor to ACSA and Transnet and pocketed huge fees from brokering funding arrangements for the SOEs, which included a series of multibillion-rand interest rate swap transactions with Nedbank.
But such has been the fallout from the interest rate swap deals, which were highlighted in Chief Justice Raymond Zondo's State Capture Inquiry, that ACSA has now referred Nedbank to the SIU - an independent statutory body that investigates allegations of corruption at state-run institutions and can institute civil litigation, either via a special tribunal or the High Court, to recover losses.
