Bain Consulting barred from UK state contracts over ‘grave misconducts’ in South Africa. via /r/wallstreetbets #stocks #wallstreetbets #investing


Bain Consulting barred from UK state contracts over ‘grave misconducts’ in South Africa.

Bain & Co, the Boston-based global management consultant, has been hit with a three-year ban from tendering for British government contracts because of its “grave professional misconduct” in a major corruption scandal in South Africa.

Jacob Rees-Mogg, Cabinet Office minister, told Bain that the affair had rendered the company’s integrity “questionable” and that he was not convinced that it had taken its role in the scandal “sufficiently seriously”.

Earlier this year an inquiry into South Africa’s biggest post-apartheid corruption scandal found that Bain had helped to undermine the country’s revenue service through advisory work that aided Zuma’s allies. 

Bain’s work on a restructuring of the South African revenue service was “a clear example of how the private sector colluded” with the breakdown of public institutions, said the inquiry.

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Submitted August 03, 2022 at 08:51AM by Klomlk
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