Mckinsey
McKinsey’s Weiss confirms Regiments contract cancelled due to BEE noncompliance
McKinsey senior partner Alexander Weiss said McKinsey demanded company ownership and a BEE certificate from Regiments but it never came.
He is on Friday testifying about money flows at the company.
McKinsey director Jean-Christophe Mieszala is trying to convince the commission that it did not know that its partner, Regiments, was corrupt.
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).
The state capture commission said that discussions were initiated with the consultancy company and there had been agreement.
The commission has been hearing damning testimony this week about what happened at Transnet.
The Public Protector on Monday revealed findings into 35 investigations dealing with executive ethics, irregular staff appointments, and procurement irregularities.
Daniels shared her side of the story on the Eusebius McKaiser Show.
Eskom treasurer Andre Pillay has told the commission that as Eskom was preparing to draft its corporate plan, Anoj Singh sought help from the two firms.
Eskom board chair Jabu Mabuza explained that by sending out the classified documents, former acting chief executive Matshela Koko gave McKinsey and Trillian an advantage.
Last month, Finance Minister Berat Albayrak announced that Turkey had decided to work with McKinsey as part of efforts to implement a new medium-term economic programme.
Eskom’s former head of legal Suzanne Daniels has spoken out for the first time since she was dismissed in July after she was found guilty of misconduct about Eskom’s transactions with Trillian and McKinsey.
Singh’s cash purchase of a R6 million home in a Durban suburb reportedly forms part of a series of suspicious transactions that Treasury has asked the Hawks to investigate.
Parliament’s Public Enterprises Committee is hoping to table its final report on the Eskom inquiry in the National Assembly next month.
The minister was responding to the power utility's annual financial results released on Monday which showed R2.3 billion loss over the past financial year compared to R900 million profit the previous period.
Talk Radio 702’s Bongani Bingwa spoke to Bonang Mohale, the CEO of Business Leadership, who has slammed McKinsey following its apology to SA.
The company, together with Trillian, was contracted to affect a turnaround strategy at the power utility with McKinsey receiving R1 billion.
On Monday, McKinsey apologised to South Africa for its role in state capture, saying it was slow to admit wrong doing.
McKinsey's Kevin Sneader says the company should have communicated well enough to show how serious it was taking the issue of state capture and how sorry it was for its involvement.