{
}
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.
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
McKinsey to Pay 123 Million to Settle South Africa Bribery Claims
United States Dollar
Transnet SOC Ltd.
McKinsey & Company Inc.
Eskom Holdings Soc Ltd.
ZAF
USA
Vikas Sagar
Chad Yarbrough
Show more
21:00 05.12.2024
uth africa's credit upgrade boosts confidence in eskom bonds
12:47 27.11.2024
Johannesburg threatens legal action against Eskom over power supply disruption
15:36 08.11.2024
Zambia increases electricity imports to alleviate blackouts amid drought challenges
15:53 01.11.2024
south africa seeks climate funds while delaying coal plant closures
05:00 31.10.2024
Trending
Subcategory
Corporate News
Industry Trends
Global Trade Developments
Stock Market Updates
Startups & Entrepreneurship
Industry Mergers & Acquisitions
Inflation and Monetary Impact
Supply Chain Management
Cryptocurrency Trends
Government Economic Policies
Workplace Trends
Private Equity Deals
CEO Changes
Central Bank Actions
Central Banks and Digital Currencies
Venture Capital Investments
Retail and Consumer Goods
Fintech Startups
Finance Mergers & Acquisitions
Crypto Policies and Governance
Countries:
Companies:
Apple Inc.
Foxconn Technology Co., Ltd.
NVIDIA Corporation
Nasdaq 100 Jun 25
Tencent Holdings Ltd
Google Inc.
Nikkei 225
Grab2Go AS
Boeing Co
Airbus SE
Amazon.com, Inc.
Oracle AI USD
AppLovin Corp.
Tesmec S.p.A.
DeepSeek R1 USD
LG Electronics Inc.
Tesla, Inc.
MARA Holdings, Inc.
Cleanspark Inc
Citigroup Inc.
Currencies:
United States Dollar
Euro
Indian Rupee
Chinese Yuan
Japanese Yen
New Taiwan Dollar
Indonesian Rupiah
Egyptian Pound
Hong Kong Dollar
Malaysian Ringgit
Filipino Peso
West African CFA Franc
South Korean Won
Saudi Riyal
Thai Baht
United Arab Emirates Dirham
People: