{"id":14190,"date":"2021-05-25T14:39:47","date_gmt":"2021-05-25T14:39:47","guid":{"rendered":"https:\/\/amabhungane.org\/?post_type=stories&#038;p=14190"},"modified":"2024-09-19T12:33:22","modified_gmt":"2024-09-19T12:33:22","slug":"210525-update-mckinsey-to-return-r870m-state-capture-money-to-transnet","status":"publish","type":"post","link":"https:\/\/further.co.za\/amabwp\/210525-update-mckinsey-to-return-r870m-state-capture-money-to-transnet\/","title":{"rendered":"Update: McKinsey to return R870m state-capture money to Transnet"},"content":{"rendered":"<p>McKinsey, long considered the world\u2019s most prestigious consulting firm, will repay R870-million to Transnet after the Zondo commission presented the firm with evidence that its contracts were tainted by state capture.<\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/uPigxArdBG8?controls=0&amp;start=2960\" width=\"360\" height=\"215\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><span class=\"aglet_caption\">Watch: How McKinsey was made to pay back the money<\/span><\/p>\n<p>The settlement is more than the R650-million in fees that McKinsey <a href=\"https:\/\/amabhungane.org\/stories\/201209-mckinsey-capitulates-again-will-pay-back-transnet-and-saa-r650m\/\">previously committed<\/a> to return to both Transnet and South African Airways. The \u201cfull and final settlement\u201d, announced in a <a href=\"https:\/\/amabhungane.org\/wp-content\/uploads\/2021\/05\/JOINT-MEDIA-STATEMENT-BY-TRANSNET-AND-MCKINSEYCOMPANY-25-MAY-2021.pdf\" target=\"_blank\" rel=\"noopener\">joint statement<\/a> today, includes \u201cfees paid &#8230; plus interest\u201d.<\/p>\n<p>The fees all stem from McKinsey&#8217;s work with Regiments Capital. AmaBhungane repeatedly provided evidence in <a href=\"https:\/\/amabhungane.org\/stories\/how-to-eat-a-parastatal-like-transnet-chunk-by-r600m-chunk\/\" target=\"_blank\" rel=\"noopener\">2016<\/a>, <a href=\"https:\/\/amabhungane.org\/stories\/the-mckinsey-dossier-part-5-how-transnet-cash-stuffed-gupta-letterboxes\/\" target=\"_blank\" rel=\"noopener\">2017<\/a> and <a href=\"https:\/\/amabhungane.org\/stories\/the-trojan-horse-that-wheeled-r600m-out-of-state-owned-entities\/\" target=\"_blank\" rel=\"noopener\">2018<\/a> that these contracts were tainted by state capture.<\/p>\n<p>This week, our allegations were confirmed when Paul Holden from Shadow World Investigations gave expert testimony at Zondo about the money laundering networks used by the Guptas to move billions out of the country. The letterbox companies amaBhungane exposed formed the backbone of this laundry.<\/p>\n<p>McKinsey maintains that it was unaware that Regiments was paying over roughly half of the fees it earned to the Guptas and their business partner Salim Essa.<\/p>\n<p><em>Susan Comrie and Scorpio&#8217;s Pauli van Wyk, who investigated McKinsey, published a series of exposes, read them here:<\/em><\/p>\n<blockquote><p><em><a href=\"https:\/\/amabhungane.org\/stories\/the-mckinsey-dossier-part-1-how-mckinsey-and-trillian-ripped-r1-6bn-from-eskom\/\" target=\"_blank\" rel=\"noopener\">The McKinsey dossier part 1 \u2013 how McKinsey and Trillian ripped R1.6bn from Eskom<\/a><\/em><br \/>\n<em><a href=\"https:\/\/amabhungane.org\/stories\/the-mckinsey-dossier-part-2-contract-to-pay-mckinsey-and-trillian-r1-6-bn-invalid\/\" target=\"_blank\" rel=\"noopener\">The McKinsey dossier part 2 \u2013 contract to pay McKinsey and Trillian R1.6-bn \u2018invalid\u2019<\/a><\/em><br \/>\n<em><a href=\"https:\/\/amabhungane.org\/stories\/the-mckinsey-dossier-part-3-eskom-tells-mckinsey-and-trillian-to-paybackthemoney\/\" rel=\"bookmark\">The McKinsey dossier part 3 \u2013 Eskom tells McKinsey and Trillian to #PayBackTheMoney<\/a><\/em><br \/>\n<em><a href=\"https:\/\/amabhungane.org\/stories\/the-mckinsey-dossier-part-4-bending-over-backwards-for-trillian\/\" target=\"_blank\" rel=\"noopener\">The McKinsey dossier part 4 \u2013 bending over backwards for Trillian<\/a><\/em><br \/>\n<em><a href=\"https:\/\/amabhungane.org\/stories\/the-mckinsey-dossier-part-5-how-transnet-cash-stuffed-gupta-letterboxes\/\" target=\"_blank\" rel=\"noopener\">The McKinsey dossier, part 5 \u2013 how Transnet cash stuffed Gupta letterboxes<\/a><\/em><br \/>\n<em><a href=\"https:\/\/amabhungane.org\/stories\/the-mckinsey-dossier-part-6-five-strikes-and-youre-in\/\" target=\"_blank\" rel=\"noopener\">The McKinsey dossier part 6 \u2013 five strikes and you\u2019re IN<\/a><\/em><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The money was earned from a three-year partnership between the consulting behemoth and state capture enabler Regiments Capital. McKinsey continues to insist that it was unaware that Regiments was channeling part of the fees to the Guptas.<\/p>\n","protected":false},"author":6,"featured_media":21184,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[3,4,68,493],"class_list":["post-14190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stories","tag-amabhungane","tag-guptas","tag-salim-essa","tag-zondo-commission"],"acf":[],"_links":{"self":[{"href":"https:\/\/further.co.za\/amabwp\/wp-json\/wp\/v2\/posts\/14190","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/further.co.za\/amabwp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/further.co.za\/amabwp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/further.co.za\/amabwp\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/further.co.za\/amabwp\/wp-json\/wp\/v2\/comments?post=14190"}],"version-history":[{"count":1,"href":"https:\/\/further.co.za\/amabwp\/wp-json\/wp\/v2\/posts\/14190\/revisions"}],"predecessor-version":[{"id":30034,"href":"https:\/\/further.co.za\/amabwp\/wp-json\/wp\/v2\/posts\/14190\/revisions\/30034"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/further.co.za\/amabwp\/wp-json\/wp\/v2\/media\/21184"}],"wp:attachment":[{"href":"https:\/\/further.co.za\/amabwp\/wp-json\/wp\/v2\/media?parent=14190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/further.co.za\/amabwp\/wp-json\/wp\/v2\/categories?post=14190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/further.co.za\/amabwp\/wp-json\/wp\/v2\/tags?post=14190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}