https://www.engineeringnews.co.za
Consulting|Locomotives|Projects|Transnet
Consulting|Locomotives|Projects|Transnet
consulting-company|locomotives|projects|transnet

McKinsey to repay R870m to Transnet

25th May 2021

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

State-owned utility Transnet and management consulting company McKinsey & Company have finalised the settlement on the fees McKinsey committed to return to Transnet during the Judicial Commission of Inquiry in December 2020.

The full settlement of R870-million due to Transnet includes fees paid to McKinsey for projects undertaken with Regiments Capital, plus interest.

Last year, the Commission into Allegations of State Capture heard how former Transnet CFO and Gupta ally Anoj Singh irregularly appointed Regiments as transaction advisers in the scandal-riddled deal for 1 064 locomotives.

Regiments was paid R305-million for its role in structuring the deal, which was worth R32-billion.

The commission said McKinsey worked alongside Regiments at Transnet and on contracts that had been investigated by the commission.

The commission suggested McKinsey repay the fees it earned on Transnet contracts as an act of responsible corporate citizenship.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 
ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (26/04/2024)
26th April 2024 By: Martin Creamer
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.175 0.228s - 159pq - 2rq
Subscribe Now