BLSA suspends Bain over its involvement in ‘yet another state capture project’
The consultancy ‘aided the collapse of Sars’ with revamp
Bain & Company has joined KPMG, Eskom and Transnet as the latest member of Business Leadership SA (BLSA) to be suspended from the organisation. Bain, one of the top three consulting firms globally, was suspended with immediate effect over its involvement in “yet another state capture project under the pretext of restructuring”, BLSA, which represents CEOs of the largest companies in SA, said on Monday. The sitting Nugent commission of inquiry into tax administration and governance by the SA Revenue Service (Sars) has heard how Bain was irregularly appointed to design a revamp of the agency. Instead it contributed to questionable, unnecessary changes at Sars which led to institutional degradation and a R50bn shortfall in tax revenue in the 2017/2018 financial year.
Last week Bain replaced its SA head, Vittorio Massone, and offered to pay back the R164m it earned, including interest, for its services to Sars as it did not want to benefit from work that was used to further a diff...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.