JOHANNESBURG - The protracted legal battle between Transnet and Nedbank is finally over.
Nebank has agreed to pay R600-million to the parastatal.
It relates to an interest rate swap deal in which Transnet believes Nedbank acted improperly.
The transactions were based on advice received from Gupta-linked firm Regiments Capital.
Transnet believes the bank was responsible for the losses it suffered.
Nedbank's payment was made without any admission of guilt.
The state-owned company says the settlement will allow them to continue their relationship to advance growth and investment.