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Nedbank denies complicity in S.Africa corruption, shares fall

Nedbank denies complicity in S.Africa corruption, shares fall

SOUTH Africa's Nedbank denied any wrongdoing yesterday after three local news sites reported on its links to a scandal that led to large losses at public entities, sending the bank's shares down almost 9%. Investigative outlet amaBhungane, the Daily Maverick and News24 said Nedbank paid billions in rand in fees to a company called Regiments Capital for involving it in deals that lost money for municipalities and state-owned companies. The article published by the three news sites said the commissions were often not disclosed to clients Regiments was supposed to be advising impartially and that Nedbank knew or should have…
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