McKinsey & Co, one of the world’s biggest consultancies and which was ensnared in state capture, has agreed to repay about R650m in fees earned on dodgy contracts at SAA and Transnet, it said on Wednesday.
McKinsey is one of several companies to be dragged into the scandal involving government contracts granted to companies controlled by members of the Gupta family, friends of former president Jacob Zuma.
The company said it will return all the money relating to projects at Transnet and SAA that had involved Regiments Capital, a company associated with the Gupta family. McKinsey previously agreed to return the fees it earned on a consultancy contract at Eskom.
The decision to repay R650m to SAA and Transnet came after the state capture commission, chaired by deputy chief justice Raymond Zondo, shared documents and information with McKinsey that showed irregularities regarding the role of Regiments in several projects between 2012 and 2016.
“McKinsey is engaging with the state-owned enterprises and the relevant authorities to conclude the repayment through an appropriate and expeditious process that ensures the funds are repaid lawfully and with finality,” it said in a statement.
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