McKinsey to repay R870m to Transnet within a week

McKinsey & Co, one of the world’s biggest consultancy houses, which was caught up in state capture allegations, will pay back R870m in fees and interest earned on shady contracts at Transnet within the coming five days, it said on Tuesday.

In a media statement issued by Transnet and McKinsey on Tuesday, the two announced a finalised settlement agreement on the fees to be returned to the parastatal. The R870m now includes the fees paid to McKinsey in respect of projects undertaken with Regiments Capital “plus interest”, the joint statement said...