Eskom welcomes payment of R902m and apology from McKinsey

Power utility Eskom has welcomed the payment of R902-million from McKinsey and the company’s apology to all South Africans for its role in state capture.

“I am very sorry personally and on behalf of McKinsey & Company for the fact that we have had anything to do with any of the issues surrounding state capture‚” said Kevin Sneader‚ global managing partner of McKinsey & Company‚ in a speech delivered at the University of Pretoria’s Gordon Institute of Business Science (GIBS).

According to a written copy of the speech‚ he said the company owed it to its clients and South Africans to confront its mistakes and “hold ourselves accountable.”

On Monday‚ Business Day reported that McKinsey had undertaken to pay back R902-million of the R1.6-billion in business that Eskom had awarded it in 2016‚ but would keep millions in interest it earned on the fee.

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