The head of McKinsey admitted the management consultancy had overcharged for its work at the heart of South Africa’s biggest ever corruption scandal, as he again apologised for the firm’s role.
Kevin Sneader, who took over as McKinsey’s global managing partner last month, offered “sincere apologies” in Johannesburg on Monday as the firm finally repaid its 1bn rand ($74m) fee from Eskom, the state utility at the centre of the corruption claims.
“The fee was weighted towards recovering our investment rather than being in line with Eskom’s situation,” Mr Sneader told the Gibs business school in Johannesburg. “In that context the fee was too large . . . This should not have happened.”
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