McKinsey is open to discuss interest repayments with Eskom

PUBLISHED: Mon, 09 Jul 2018 09:14:20 GMT
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Kevin Sneader, global managing partner of McKinsey & Company speaking at a GIBS discussion entitled: McKinsey on Eskom: Learning from the past – looking to the future said the world’s largest management consultancy is open to interest discussions with Eskom on the R1 billion it was paid for its turnaround plan, which it will repay today.

Sneader also apologised for McKinsey’s involvement in state capture and said Mckinsey would hand over all information it had to Judge Zondo to assist in his inquiry on state capture.

On Friday Africa’s largest electricity supplier, Eskom finalised a settlement agreement with McKinsey for R1 billion ($74 million).

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Eskom asked McKinsey to pay back the R1 biilion, last year after an internal inquiry found that the state power utility’s decisions to make the payments were unlawful.

McKinsey together with Trillian were paid R1.6 billion for a “Turnaround Plan” carried out at Eskom between January and July 2016.