Nedbank refutes partnership with Regiments/Trillian to extract money from Transnet

Nedbank Group says in a statement that it has noted the article published on Friday evening by OCCRP (Organized Crime and Corruption Reporting Project) accusing Nedbank, among others, of participating in transactions in partnership with Gupta-linked companies Regiments and Trillian to extract money from South African state firm, Transnet, in late 2015 and early 2016.

“Nedbank totally refutes any alleged ‘partnership’ or ‘collusion’ with Regiments or Trillian to extract money from Transnet. Nedbank, as a big four South African bank, is an active participant in South African debt and equity capital market activities. Our client base includes over 80 institutions across the public sector, including parastatals such as Transnet, and many top South African corporates.`’

Nedbank adds that its capital market activities are conducted in an ethical and transparent manner for the benefit of its clients and stakeholders.

“Transnet is a client and, as such, Nedbank cannot disclose details of client transactions due to banker-client confidentiality. All Nedbank’s client relationships are subject to the Financial Intelligence Centre Act, governance and regulatory reporting requirements, to which we strictly adhere.

“We reiterate that Nedbank has a zero tolerance for corruption and we expect our clients, service providers and staff to conduct themselves in an ethical manner, and with integrity.

“We have written to the OCCRP requesting details of the documents they claim to have in their possession”.