McKinsey wishes it had done things differently - Gia Nicolaides

Embattled consultancy firm McKinsey & Company announced on Tuesday that it had suspended all work for state-owned companies until further notice.

This follows the scandals surrounding its dealings with Eskom and Trillian. Eskom has demanded that McKinsey and Trillian pay back at least R1.6 billion it paid them in disputed contracts.

EWN reporter, Gia Nicolaides says McKinsey said it wishes it had done things differently especially working alongside Gupta linked Trillian.

But ultimately it is placing a large portion of the blame on Eskom itself, saying they told Eskom to ensure that they get the right approvals from National Treasury in order to go ahead with this contract.

Gia Nicolaides, EWN reporter

She adds that McKinsey's contract with Eskom was approved by the power utility, hence the reason it went ahead with the multi-million contract.

They do say they will pay back some of the money that was paid out to them in that settlement agreement. They say they've set aside that amount but are also waiting for a High Court to say that contract was invalid. So they are not doing it voluntarily.

Gia Nicolaides, EWN reporter

McKinsey said their Global General Counsel, Jean Molino, conducted an internal investigation alongside Norton Rose Fulbright in consultation with Morrison & Foerster, reports Nicoliades.

According to them and their statement, a thorough investigation was done. They went through 2.4 million emails, they looked at contracts, invoices, payments and conducted over sixty interviews which is why they were prepared to release a statement now.

Gia Nicolaides, EWN reporter

Nicolaides goes on to say McKinsey denied being involved corruption or bribery for its work with Eskom or alongside Trillian.

Listen to the complete interview in the audio clip below:


This article first appeared on 702 : McKinsey wishes it had done things differently - Gia Nicolaides


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