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.