Nedbank South Africa has rejected claims by the Special Investigating Unit and Transnet over rate swap transactions

Nedbank South Africa has rejected claims by the Special Investigating Unit and Transnet over alleged 2.7-billion-rand interest rate swap transactions for one-thousand-and-64 locomotives. The case risks erasing 20-percent of Nedbank’s 2023 earnings. SIU spokesperson Kaizer Kganyago told the SABC the swaps, linked to state capture between 2015 and ’16, should be voided: