Bain & Co. is closing down its consultancy business in Johannesburg, likely bringing to an end a years-long battle to try and restore its reputation in Africa’s biggest economy following a 2022 ban.
“We are winding down consulting operations in South Africa,” Bain said in a response to a query on Tuesday.
“In May, we informed our local teams that our Johannesburg office will become a services hub supporting Bain’s global operations.”
South Africa’s National Treasury accused the Boston-based firm of engaging in “corrupt and fraudulent practices” related to a contract with the country’s tax agency and banned it from doing business with government agencies in 2022.
Bain was also temporarily barred from competing for UK government contracts because of the scandal in South Africa.
Bain sued the Treasury and tax service in a bid to reverse the censure, which it argued was unconstitutional.
It undertook unpaid work for the Energy Council of South Africa before the private-sector group, whose members include Sasol and the local unit of TotalEnergies, ended
You’ve reached your free article limit
Subscribe to enjoy unlimited access to trusted journalism. Cancel anytime.
Subscribe nowNeed help? molokom@insidepolitic.co.za
