Nedbank, South Africas financial services group led by banker Jason Quinn , has agreed to pay Transnet R600 million 34.8 million in a confidential settlement, ending a year-long legal dispute over interest-rate swaps. The settlement, which carries no admission of liability, reflects the two companies effort to avoid prolonged court proceedings while preserving their long-standing business relationship.
National interest guides 157 million resolution
The case had been brought by Transnet and the Special Investigating Unit SIU, which sought to recover funds the logistics company said it unduly paid to Nedbank during 2015 and 2016 swap transactions. Authorities claimed the bank earned more than R2.7 billion 157.6 million from the deals. Nedbank denied any wrongdoing, saying its sales margin was market-based and that its actual gain was below R43 million 2.5 million.