{
Transnet SOC Ltd.

Companies

}

McKinsey to Pay 123 Million to Settle South Africa Bribery Claims

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.
CNBC
United States Dollar Transnet SOC Ltd. McKinsey & Company Inc. Eskom Holdings Soc Ltd. ZAF USA Vikas Sagar Chad Yarbrough Show more
Regulatory & Legal, Press Release
21:00 05.12.2024

McKinsey Agrees to Pay 122 Million to Settle South Africa Bribery Case

McKinsey & Co. has agreed to pay over $122 million to settle criminal allegations related to a corruption scandal involving South Africa's Transnet SOC Ltd. The US Justice Department will refrain from pursuing further action against the firm for 3.5 years, contingent on no additional misconduct. This resolution addresses both US investigations and charges from South Africa's National Prosecuting Authority.
Bloomberg.com
Transnet SOC Ltd. McKinsey & Co. ZAF
Regulatory & Legal, News Article
18:40 05.12.2024
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