An expose by amaBhungane revealed that the bank paid a disgraced financial firm to sell their financial products to public sector clients.
In a shocking expose by the investigative journalism publication, amaBhungane, evidence has been revealed that shows that Nedbank is linked to state capture. For years, Nedbank paid the now-disgraced financial firm, Regiment Capital, millions of rands in exchange for public sector clients. Regiment Capital peddled Nedbank’s financial offerings to the likes of municipalities and government officials, even though such products made absolutely no sense in terms of governance or the needs of the state. The evidence indicates that at least R95 million was paid from Nedbank directly to Regiment Capital in kickbacks. Further to this, Nedbank allowed billions of rands from other entities to flow to Regiment Capital without flagging certain dodgy payments. Read the full investigation on amaBhungane’s website.