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McKinsey Africa has agreed to pay $123 million to settle allegations of bribing South African officials to secure consulting contracts between 2012 and 2016. A former senior partner, Vikas Sagar, pleaded guilty to conspiracy to violate the Foreign Corrupt Practices Act, admitting the firm engaged in a long-running bribery scheme that netted approximately $85 million in profits. The subsidiary has entered a three-year deferred prosecution agreement, committing to improve its compliance controls and accept responsibility for its actions.
Eskom Holdings SOC Ltd.'s dollar bonds backed by government guarantees have seen their risk premium narrow to the lowest level since trading began in 2018. This shift reflects growing investor confidence, driven by South Africa's recent credit-outlook upgrade, enhanced operational stability, and ongoing state support.
Johannesburg has condemned Eskom for threatening to cut power to the city over unpaid bills, amounting to 4.9 billion rand ($280 million). The city plans to take legal action to prevent the disruption, asserting its commitment to maintaining power supply.
Zambia has increased electricity imports from neighboring countries to alleviate the impact of severe blackouts caused by an El Niño-induced drought affecting hydropower production. Zesco Ltd., the state utility, received emergency tariff hikes to finance these imports, with a review of the tariffs scheduled in three months.
South Africa is seeking $2.6 billion in climate finance while planning to delay the closure of three coal-fired power plants, despite a previous agreement to shut them down starting next year. The country aims to reduce emissions at its 14 coal plants operated by Eskom Holdings SOC Ltd.
Eskom Holdings Soc Ltd.
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McKinsey to Pay 123 Million to Settle South Africa Bribery Claims
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Transnet SOC Ltd.
McKinsey & Company Inc.
Eskom Holdings Soc Ltd.
ZAF
USA
Vikas Sagar
Chad Yarbrough
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