McKinsey voluntarily repaid approximately R650 million linked to South Africa's State Capture scandal
Company: McKinsey & Company
Summary
In December 2020, McKinsey & Company announced that it would voluntarily repay approximately R650 million (about US$40 million) earned from consulting projects involving South African state-owned enterprises, including Transnet and South African Airways. The firm said it made the decision after reviewing evidence presented to South Africa's Judicial Commission of Inquiry into State Capture that raised further concerns about the role of its former business partner, Regiments Capital. McKinsey stated that it had no wish to benefit from contracts that may have been tainted and acknowledged errors of judgment, while also stating that the Commission had not implicated any current McKinsey personnel in corruption or impropriety.