McKinsey commits to repaying Transnet R870m from irregular contracts in 2 days

The firm said it would pay back all fees earned from irregular contracts with the rail agency and Eskom with interest.

FILE: McKinsey & Company. Picture: Facebook

JOHANNESBURG - The state capture commission on Thursday said consulting firm McKinsey had committed to repaying R870 million to Transnet in the next two days.

The firm said it would pay back all fees earned from irregular contracts with the rail agency and Eskom with interest.

McKinsey partnered with Salim Essa's Regiments and Trillian and earned hundreds of millions.

The commission heard that contracts worth R49 billion were awarded irregularly, and the Gupta enterprise made R15 billion in kickbacks.

Evidence leader Matthew Chaskalson made the announcement.

“Transnet has announced that they have finalised the settlement of the fees McKinsey committed to return to it at the Judicial Commission of Inquiry in December 2020. The full and final settlement of R820 million includes the fees paid to McKinsey in respect to the project undertaken with Regiments Capital.”

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