Transnet and the Special Investigating Unit (SIU) have dragged financial giant Nedbank to the Johannesburg High Court over interest rate swap transactions.
The two entities are demanding R2.7-billion from the bank for irregularities committed at Transnet during the state capture era.
Kaizer Kganyago, SIU spokesperson, said they needed the court to set aside interest rate swap transactions that are traced back to 2015 and 2016 between Transnet and Nedbank. The bank allegedly profited R2,7-billion.
“Transnet and the SIU also seek to recover the amounts that were unduly paid by Transnet to Nedbank under the transactions,” said Kganyago.
“Transnet and the SIU are of the view that the interest rate swaps are void and unenforceable under the Public Management Act, alternatively contravene section 217 of the Constitution and are contrary to the public policy.
“There is sufficient basis for the sought relief and Nedbank must account for its involvement and conduct in the swap transactions,” Kganyago said.
He said Transnet and the SIU worked closely leading to the latter uncovering critical evidence that may be used in court.
Transnet and Nedbank had been in mediation in relation to the amount expected to be paid back to Transnet but the bank pulled out of these talks as confirmed in May.
These transactions reportedly formed part of a larger scheme to divert public funds to Gupta-linked entities from Transnet.
In May the bank issued a statement saying: “Nedbank was not, and could not have been, aware of the apparent collusive relationships that the Regiments Group had forged with senior officials at Transnet or the links that the Regiments Group apparently had with the Guptas.
“Nedbank is not aware of, nor has it been provided with, any evidence of collusion or corruption on the part of Nedbank or its staff, despite numerous requests for disclosure of such evidence, should it exist.”
In April, the Airports Company South Africa also approached the SIU on a similar matter.
This was in relation to the interest rate swap transactions that had been concluded between 2009 and 2011.
