Bain Co Shuts South Africa Consulting Business After Corruption Scandal

18 Hour(s) Ago    👁 177
bain co shuts south africa consulting business after corruption scandal

Bain Co has decided to shut its consultancy business in South Africa, where it has struggled to shake off the stigma of its role in a corruption scandal that brought down a former president.

Alongside McKinsey and KPMG, Bain suffered reputational damage from its involvement in a state capture scandal under the presidency of Jacob Zuma, during which key state agencies were hollowed out by graft and stripped of financial assets.

In 2022, the Zondo commission investigating widespread corruption in South Africas government found that Bain had colluded in one of the few instances where President Zuma was himself directly and personally involved in the activities and plans to take over a government entity.

Zuma stepped down in 2018 after years of scandals and allegations of corruption, which he denied.

In a statement, Bain confirmed it was winding down its consulting operations in South Africa. It said its Johannesburg office would become a services hub supporting Bains global operations, retaining the vast majority of our talented local employees. Services hubs at professional services firms generally provide back-office functions and do not sell advice directly to clients.

Disclaimer: We are a news aggregator. See full disclaimer here.