State capture-implicated international company Bain & Company has shut down its consultancy in South Africa just three years after being banned from doing business with the government.
Bain & Co, which scored a R187 million contract to restructure the South African Revenue Service (SARS) following the appointment of Tom Moyane as commissioner in 2014, was part of the companies implicated in the Zondo Commission in 2022.
BAIN & COMPANY SHUTS DOWN SOUTH AFRICA CONSULTANCY
According to the Financial Times, Bain confirmed it was winding down its consulting operations in South Africa, saying its Johannesburg office would become a services hub supporting its global operations, while retaining the vast majority of its local employees.
The company has reportedly struggled to re-establish itself as a management consultancy group of integrity. In September 2022, the company was also banned by the National Treasury from doing business with the government for 10 years.
WHISTLEBLOWER FLEES SA
Bain & Company’s partner in South Africa, Athol Williams, blew the whistle on the corruption. During his testimony at the Zondo Commission, he suggested that the company, with the help of Moyane, had been embroiled in questionable activity at SARS and even accused Bain & Co of attempting to silence him.
In 2021, Williams had to flee South Africa over fears for his safety after he blew the whistle on companies and individuals involved in state capture and testified before the Zondo Commission.
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