5 July 2021
South African Airways (SAA) and McKinsey & Company are pleased to announce a full and final settlement of approximately R14.5 million in respect of McKinsey’s work with SAA.
The settlement concludes the voluntary commitment McKinsey made at the Judicial Commission of Inquiry (the “Commission) in December 2020 to repay to SAA the fees for the one project it had undertaken with Regiments Capital as supplier development partner at the airway. This followed information presented by the Commission that cast doubt on Regiments Capital.
The Commission was clear that its evidence did not implicate any McKinsey employees or partners in any corruption or impropriety in relation to this contract.
The settlement demonstrates the efforts of both SAA and McKinsey to follow the Commission’s encouragement for good corporate citizens “doing business with the State (including SOEs) to make clear that they will not retain the proceeds of contracts that are tainted by corruption even if that corruption was the product of processes in which they were not involved.”
Read our past statements on Transnet and SAA, and other actions we have taken.