McKinsey reaches settlement to repay Eskom R1bn
Repayment not because of wrongdoing or admission of liability, says McKinsey
McKinsey has reached a settlement with power utility Eskom over the R1-billion consulting fees which were unlawfully paid to it in 2016 and 2017, the global consultancy firm said on Friday. Last year Eskom said it wanted its R1-billion and R600-million back from McKinsey and Trillian respectively. McKinsey said in a statement it and Eskom had been in discussions with authorities since the beginning of the year and the repayment was not because of any wrongdoing or admission of liability by McKinsey. In a statement, Eskom said Trillian, the BEE arm of McKinsey, which was paid R600-million in consulting fees, was not part of the settlement and it would pursue the remainder of the money owed to it. Eskom CEO Phakamani Hadebe said he would pursue Trillian, and if it meant going to court in order to get the money back, Eskom was going to do so. Hadebe said Eskom had a list of people which had contributed to the irregular expenditure at Eskom and the power utility was going to pursue them...
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