Nedbank, Transnet mediation over swaps terminated

Mediation between financial services group Nedbank and State-owned Transnet, in respect of interest rate swap transactions (swaps) between the parties that took place in December 2015 and March 2016, and which have been widely reported in the media for many years, has ended after it became apparent that there is no likelihood of resolving the matter amicably despite extensive engagements, Nedbank informs in a statement. Nedbank says it participated in the mediation process, which was a confidential, facilitated negotiation, in an attempt to resolve the dispute between the parties amicably and to avoid potentially drawn-out and costly litigation, for both parties, over transactions which Transnet regards as tainted by corruption.

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