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Nedbank reiterates zero tolerance for corruption

Nedbank reiterates zero tolerance for corruption
06-01-22 / Staff Writer

Nedbank reiterates zero tolerance for corruption

Johannesburg - Following the release of the first part of the report by the Zondo Commission, Nedbank has issued a statement distancing itself from any corrupt activities and said that it "is an institution committed to the highest standards of corporate governance".

The green bank said it fully supports the establishment and work of the Zondo Commission and its aim to expose corruption, fraud, and state capture in South Africa.

"We have received the first part of the report released by the Zondo Commission and are currently conducting a comprehensive review of its findings and recommendations.

"Based on our initial review, no adverse findings have been made against Nedbank in terms of the first part of the report. We take note of the concerns expressed by the Zondo Commission relating to certain transactions Nedbank concluded with ACSA between 2009 and 2011, as then advised by Regiments Capital.

"It is noted that the Commission ran out of time before submitting its report to the Presidency and as a result did not obtain Nedbank’s evidence in respect of the allegations. We remain of the view, as previously stated, that there has been no wrong-doing on the part of Nedbank in relation to these transactions. We will continue to fully cooperate with any further investigation undertaken by the appropriate authorities in this regard."

Nedbank said it is committed to the highest ethical standards in conducting its business for the benefit of its clients, stakeholders and South Africa's democracy.

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