In an interview with Business Day after the announcement of Nedbank’s annual results, CEO Mike Brown responded publicly to the allegations contained in an amaBhungane article that accused the bank of being complicit in state capture through its dealings with Gupta-linked Regiments Capital.

Regiments and Nedbank had a formal business relationship dating back to 2009 that allowed Regiments to earn fees from transactions it introduced to the bank. Regiments, as a purportedly black-owned corporate advisory firm, developed relationships with a number of sophisticated public entities, including metros and large state-owned enterprises (SOEs) with funding and hedging requirements that needed the balance sheet of a bank to structure...

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