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McKinsey Africa to pay $122 million in South Africa bribery scheme, US Justice Dept says

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McKinsey and Company Africa Ltd, a subsidiary of McKinsey & Company Inc., will pay more than $122 million to resolve a U.S. investigation into a bribery scheme involving government officials in South Africa,
The U.S. Department of Justice announced on December 5, 2024, that McKinsey & Co. has agreed to pay $122 million to resolve allegations of a bribery scheme in South Africa. The consulting firm was accused of orchestrating a scheme to bribe South African government officials to secure contracts for state-owned enterprises, including Eskom Holdings SOC Ltd and Transnet SOC Ltd. The settlement includes a criminal penalty of $75 million and forfeiture of $47 million. McKinsey admitted to the scheme, which involved hiring a local partner to funnel bribes to officials, thereby influencing the award of consulting contracts. This action marks a significant crackdown on corruption involving international firms in South Africa.

Read the Full Reuters Article at:
[ https://www.reuters.com/world/africa/mckinsey-africa-pay-122-million-south-africa-bribery-scheme-us-justice-dept-says-2024-12-05/ ]