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Ina Opperman Nedbank has stated that its internal and external reviews confirmed that the bank at no time acted unlawfully in its dealings with Regiments or its clients.
Regiments allegedly promoted the Nedbank products to its public sector clients, such as the City of Johannesburg, City of Tshwane and Acsa while it was supposed to offer impartial advice.
The ‘commission’ Regiments received was part of the Nedbank charges and Regiments clients often did not know about it, amaBhungane wrote.
According to amaBhungane, this all started in 2009 when Nedbank and Regiments signed a ‘highly confidential’ agreement called Introduction of Derivative Transactions, that indicated that Nedbank would pay Regiments a fee for bringing it new business and that Regiments would disclose the fee to its clients. The report says Regiments did not disclose this.