McKinsey & Co, the global consultancy firm that was ensnared in the state capture project in SA after working with Gupta-linked firms, has agreed to repay about R650m it received for work done for Transnet and SAA.

In a settlement announced on the eve of the company’s appearance at the Zondo inquiry on Thursday, McKinsey said it has voluntarily agreed to repay the money after the commission shared evidence that its work for the two state companies was marred by "irregularities regarding Regiments’ role in several projects between 2012 and 2016"...

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