Nedbank to pay Transnet R600m in confidential settlement

Bank and parastatal agree to end litigation, and settlement is made without any admission of liability

- PHILIPPA LARKIN

NEDBANK has settled with Transnet in efforts to avoid lengthy court proceedings.

(SUPPLIED)

SOUTH African state-owned logistics firm Transnet and Nedbank said on Tuesday they have reached a confidential commercial settlement to end their ongoing litigation, with the bank agreeing to pay Transnet R600 million. Both parties said the settlement was made without any admission of liability.

Transnet and Nedbank said the agreement was aimed at avoiding lengthy and costly court proceedings and preventing damage to their longstanding commercial relationship. They said they continued to stand by their previous statements on the dispute.