McKinsey & Company’s African subsidiary has agreed to pay a hefty fine of $122.8 million to settle charges related to bribery of South African officials.
The US Justice Department alleged that the consulting firm engaged in corrupt practices to secure lucrative contracts with state-owned entities, including Transnet and Eskom.
The scandal underscores the pervasive corruption that plagued South Africa during the Zuma era.
The country’s state-owned enterprises were frequently targeted by corrupt officials and their associates, who siphoned off billions of dollars.
McKinsey’s involvement in these corrupt practices tarnishes the firm’s reputation and raises questions about its ethical standards.
The settlement serves as a reminder of the severe consequences for companies that engage in bribery and corruption.
