, has told the Zondo commission of how an interest rate swap with Nedbank meant that the parastatal would pay an additional R300 million a year to services it’s debt.
The interest rate swap was facilitated by a Gupta-linked company, Regiment Capital. This was despite a senior official advising against move. According to Mohamedy, Regiment Capital was paid over R220 million for work that could have been done internally. Mohomedy says the Gupta-linked company wrongfully acted as an intermediary between Transnet and Nedbank.The commission continues.