By Doina Chiacu and Luc Cohen
McKinsey and Company Africa Ltd, a subsidiary of McKinsey & Company, will pay more than $122 million to resolve a U.S. investigation into a bribery scheme in South Africa, the Justice Department said on Thursday.
Privately owned McKinsey Africa was charged with one count of conspiracy to violate the Foreign Corrupt Practices Act for agreeing to pay bribes to officials at state-owned energy company Eskom and port and freight rail operator Transnet in exchange for non-public information about consulting contracts.
McKinsey Africa entered into a three-year deferred prosecution agreement with the Justice Department.
“McKinsey Africa bribed South African officials in order to obtain lucrative consulting business that generated tens of millions of dollars in profits,” said Nicole M. Argentieri, head of the Justice Department’s Criminal Division.
Vikas Sagar, a senior former partner at McKinsey, previously pleaded guilty to one count of conspiracy to violate
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