Transnet says global consultancy firm McKinsey & Co owes it more than R1.2bn and is insisting that the company pay it back in full.

The state-owned freight company also said it had not reached a final settlement with the firm, ensnared in the state capture project after working with Gupta-linked firms. McKinsey announced on the eve of its appearance at the state capture commission that it had voluntarily agreed to repay about R650m it received for work done for the state-owned freight company and SAA...

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