The Black Business Council (BBC) has demanded for McKinsey & Company to be banned from doing business in the country.
McKinsey, an American multinational company focusing on strategy, consulting business to various companies, had agreed to pay $122-million, which is equivalent to R1.1-billion, to South Africa as part of restitution for its former subsidiary McKinsey South Africa over its role in the state capture.
Busa getting cosy with McKinsey & Company
BBC has been at loggerheads with Business Unity South Africa (Busa) last week over decisions taken by Busa. The latter stated that it will be representing the country at B20 and G20 summits to be held in the country next year.
BBC CEO Kganki Matabane said: “The Black Business Council calls for a complete ban and blacklisting, by both public and private sectors, of McKinsey & Company. Together with all the other companies that were fingered in state capture in South Africa. These companies nearly collapsed our beloved country. McKinsey agreed to pay $122-million to settle South Africa bribery case. The global consultancy firm was accused of bribing government officials.
Perpetrators should do more than pay a fine
“In our view, paying a fine alone is not enough. The perpetrators should face a jail term if the country is serious about dealing decisively with state capture crime. And the BBC calls for those who continue to do business with McKinsey & Company to be uncovered and isolated. This as they are indirectly funding state capture.”
Matabane said that corruption is bad for service delivery in the country. And all those who are caught should be dealt with severely without fear or favour. Regardless of the colour of their skin.
Corruption and state capture firms must be isolated
“Corruption erodes the moral fabric of the nation. And as such, it must be rooted out completely,” he said.
BBC’s latest complaints and demands come after it was reported that Busa will be partnering with McKinsey to work on the global business gatherings for B20 and G20 to be held in the country.
“The BBC has noticed with dismay that those in the private sector, such as the likes of Busa, who continuously lecture government about corruption and corporate governance, continue to do business with McKinsey & Company unabated. This is a serious double standard that should be called out and exposed,” said Matabane.
