Go Unlimited with Magzter GOLD
Get unlimited access to 10,000+ magazines, newspapers and Premium stories for just
Try GOLD - Free
Transnet settlement casts shadow over former Nedbank CEO Mike Brown's legacy
Cape Times
|November 28, 2025
FORMER Nedbank chief executive Mike Brown's legacy came under scrutiny this week after the bank agreed to pay Transnet R600 million to settle a long-running dispute over controversial interest-rate swap deals concluded during his tenure.
FORMER Nedbank CEO Mike Brown.
(SUPPLIED)
While the confidential settlement ends a costly legal battle, it is likely to deepen reputational concerns surrounding Brown, who presided over the bank at a time when it became entangled in transactions later linked to South Africa's state-capture scandal.
Brown, who over 14 years earned remuneration totalling nearly R477 million, was previously lauded for modernising the bank and maintaining stability in a volatile environment.
But the Transnet case has long cast a shadow over his tenure, with the swap episode as a notable blemish on his record.
Nedbank and Transnet announced the settlement on Tuesday, describing it as being "in the national interest". The agreement brings an end to litigation launched in 2024 by Transnet and the Special Investigating Unit (SIU), which sought to recover approximately R2.7 billion related to swap transactions arranged in December 2015 and March 2016.
This story is from the November 28, 2025 edition of Cape Times.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Cape Times
Cape Times
Sun International criticises Treasury's new gambling tax proposal
SUN International on Tuesday slammed a proposed new gambling proposal by Treasury saying gambling will make the industry one of the highest taxed gambling industries in the world and destabilise the legal gambling industry.
3 mins
November 28, 2025
Cape Times
Why South Africans need USD diversification for wealth preservation
THE past month has seen both Moody's and Fitch Ratings publish their updated assessments of the South African economy.
2 mins
November 28, 2025
Cape Times
Absa sees South Africa's 2025 GDP growing 1.3% amid mixed economic signals
ABSA in its South Africa fourth quarter 20225 Quarterly Perspectives indicated that the full-year 2025 forecast for gross domestic product (GDP) is at 1.3%.
2 mins
November 28, 2025
Cape Times
Heroic firefighter saves choking baby in Brackenfell
A BRACKENFELL family expressed their deep gratitude to firefighter, Arlin Thielman who helped save their four-month-old baby, Daniel from choking.
1 mins
November 28, 2025
Cape Times
Historic win puts Bavuma’s side among SA's great Test teams
WHEN Temba Bavuma led the Proteas to glory at Lord's this past winter, securing the country’s first ICC trophy in the 21st century, it would have crossed many people's minds that the diminutive batter is leading a team that could potentially be the best Test team South Africa has ever produced.
2 mins
November 28, 2025
Cape Times
RAF not liable when vehicle is used as a weapon
IN A Road Accident Fund claim with a twist, the Gauteng High Court in Pretoria ruled that when a car is used as a weapon, the fund is not liable to compensate the victim.
2 mins
November 28, 2025
Cape Times
Nampak shares surge nearly 4% as earnings forecast to more than double
NAMPAK'S share price surged 3.9% on the JSE on Thursday after it forecasted a more than 100% increase in headline earnings per share (HEPS) of continuing operations that entrenches its turnaround process.
2 mins
November 28, 2025
Cape Times
Your debt could be insured, and you may not even know
MILLIONS of South Africans face unexpected financial shocks every year, yet many don't realise they may already have insurance that covers their loan repayments if something unexpected happens.
2 mins
November 28, 2025
Cape Times
KAL Group reports strong recovery with 16.7% dividend increase
KAL Group, the South African agri, fuel and convenience speciality retailer listed on the JSE, reported a good recovery in the second half of the year to September 30 and this enabled it to declare a dividend that had been raised by 16.7%.
2 mins
November 28, 2025
Cape Times
Transforming Trump's G20 snub into a strategic advantage for South Africa
THE announcement by US President Donald Trump that South Africa will be “uninvited” from the 2026 G20 Summit is, at face value, a diplomatic provocation. But beneath the headlines lies a far more consequential opportunity: the chance for South Africa - with its business leadership at the forefront - to redefine its global narrative, champion multilateralism and strengthen its position as a bridge between the West and the Global South.
3 mins
November 28, 2025
Listen
Translate
Change font size