McKinsey & Co. has agreed to pay more than $122 million to settle criminal allegations related to a corruption scandal involving South Africa's Transnet SOC Ltd., the country's ports and rail operator.
The settlement is part of a deal with the US Justice Department, which has agreed not to pursue further legal action against the consulting firm for 3.5 years, as long as there is no additional misconduct.
This settlement addresses both a US investigation and charges filed by South Africa's National Prosecuting Authority against McKinsey.
The case highlights concerns about corporate governance and ethical practices in major consulting firms operating internationally.