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McKinsey & Company agreed to pay back about R870 million by the end of the week for the work it performed on Transnet and SAA contracts tainted by state capture.

This is a substantial hike from its previous estimate of R650m. McKinsey worked alongside Gupta-linked Regiments Capital at Transnet. The US consulting giant McKinsey & Co has agreed to pay back R870 million for consulting work it did at Transnet alongside the Gupta-controlled Regiments Capital. The amount announced by McKinsey and Transnet in a joint statement on Tuesday is much larger than the R650 million put forward last year. In December, the Zondo commission into state capture announced that the US company has agreed to pay back R650 million to Transnet and SAA for work it did on consul...

The amount which is R220-million more than the figure released in December is contained in a joint statement released by both parties.

Daily Maverick 168 weekly newspaper. AmaBhungane’s investigation shows how the Turkish-led consortium was tipped as a preferred bidder for an estimated R225-billion energy deal, and “was dealt an extraordinary series of aces during the tender process”. These “trump cards”, amaBhungane reported in an article that appeared on their own website as well as on Daily Maverick and News24, demonstrated how the unlikely scenario emerged that had “permitted temporary leases of second-hand ships to qualify as ‘greenfield projects’ and magically meet a 40% local content threshold during ...

McKinsey and Transnet finalise terms for R870m in fees to be returned 25 May 2021 - 16:43 Transnet and McKinsey announced that they had finalised the settlement on the fees McKinsey committed to return to Transnet. Image: REUTERS Transnet and McKinsey & Company announced on Tuesday that they had finalised the settlement agreement on the fees McKinsey committed to return to Transnet at the state capture inquiry in December 2020. The full and final settlement of R870m includes the fees paid to McKinsey in respect of the projects undertaken with Regiments Capital, plu...