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The Special Investigating Unit has confirmed a R600 million settlement between Nedbank and Transnet. The deal ends a court application to overturn interest rate swap transactions concluded in 2015 and 2016.
What Happened
The SIU said the settlement supports its civil litigation process and aligns with public interest goals.
According to the unit, the agreement brings immediate financial relief to Transnet and prevents additional losses to the state.
These transactions were part of the SIU’s broader investigation into interest rate swaps linked to allegations of State Capture. They were outlined in the Judicial Commission of Inquiry’s findings and authorised under several proclamations signed between 2020 and 2023.
Transnet will now withdraw its High Court application against Nedbank. The SIU described the outcome as a practical step that secures funds and strengthens accountability.
State Capture Background
The SIU said its earlier probe found that the transactions formed part of a scheme that diverted public money.
The scheme benefited entities linked to the Gupta family and contributed to significant financial harm within Transnet.
The unit added that the settlement does not clear any individual or organisation from possible criminal charges.
That responsibility rests with the National Prosecuting Authority, which will decide whether criminal proceedings should follow.
Ongoing Investigations
The SIU is now investigating similar interest rate swap agreements at another state institution. The probe falls under Proclamation 228 of 2024 and focuses on allegations of maladministration and financial mismanagement.
These investigations involve several banking institutions and relate to findings from the State Capture Commission.
The SIU said the goal is to ensure accountability and protect public funds across all affected entities.
