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McKinsey officials to appear at Zondo inquiry over Transnet, SAA R650m fees

The commission has reached an undertaking with McKinsey to pay back up to R650 million in fees it was paid by Transnet and the South African Airways (SAA).

FILE: McKinsey & Company. Picture: Facebook

JOHANNESBURG - Witnesses from consultancy firm McKinsey are set to testify before the state capture commission on Thursday.

The commission has reached an undertaking with McKinsey to pay back up to R650 million in fees it was paid by Transnet and the South African Airways (SAA).

READ MORE: McKinsey agrees to repay R650m in fees to SAA, Transnet for work with Regiments

On Thursday, the commission is expected to hear testimony from three McKinsey senior partners and a Trillian employee.

McKinsey worked with Regiments Capital at Transnet and SAA on contracts that have been investigated by the state capture commission.

Now the commission said McKinsey had co-operated and provided vital information to investigators and made an undertaking to return money from irregular contracts.

ALSO READ: State capture commission running out of time for oral hearings - Zondo

Deputy Chief Justice Raymond Zondo said he hoped more companies that benefitted from state capture transactions would follow McKinsey’s example and repay money obtained from government departments and state-owned enterprises under contracts tainted by corruption, even if they were not party to that corruption.

The commission said it was now working on the exact amount to be paid.

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