This is Transnet's latest attempt to recover billions lost due to irregular transactions entered into by former executives with Gupta-linked Regiments Capital and Trillian.
FILE PICTURE: Retired Transnet employees walked from the Pretoria Art Museum to the Union Buildings during a protest over their pension payments on 24 April 2014. The pensioners had launched a class action court case against Transnet. Picture: Christine Vermooten
The loan in question involving Nedbank amounts to nearly R12 billion, and would cost embattled Transnet an additional R5 billion in additional interest by the time the loan is paid in 2030, sources revealed to City Press. The bank is alleged to have received 90% of R780 million from Transnet as a result of the ‘irregular’ interest swap deal, which Nedbank strongly denied. It maintains that all deals done with Transnet were legitimate.
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Transnet ‘went off track’ to sweeten Chinese dealTransnet jumped through hoops, broke the law and astronomically inflated prices just to secure a Chinese locomotive company a sweet R25bn deal – a transaction facilitated by the Guptas and their cronies at the state-owned entity.
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