McKinsey is open to discuss interest repayments with Eskom

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).

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.

Related Content

Eskom says power cuts to last indefinitely

The latest blackouts, referred to locally as loadshedding, were triggered by breakdowns this week at a score of generating units, including at Koeberg nuclear plant in Cape Town.

#Budget2020: Risk of SA remaining investment grade by Moody’s has become more pronounced

The national treasury has acknowledged that the risk to South Africa remaining investment grade has become more pronounced.

#Budget2020: SA’s Finance Minister Tito Mboweni’s full speech

South Africa's Finance Minister Tito Mboweni provides insights on the state bank, growth and tax.

Tracking business, market reaction to Ramaphosa’s State of the Nation Address

Yesterday’s sitting of the much anticipated State of the Nation address did not disappoint on the drama but many are reviewing key points made by Cyril Ramphosa such as private power production, the plan to establish a state bank and the crisis of unemployment. Joining CNBC Africa to unpack the SONA address is Sanisha Packirisamy, Economist at Momentum Investments, Kwena Mabotja, Africa Director for SAP Next-Gen and a Mandela-Washington Fellow and Xolisa Nqodi, Managing Director of Shesha Tuks.

Subscribe to our newsletter

Sign up for free newsletters and get more CNBC AFRICA delivered to your inbox

More from CNBC Africa

COVID-19 lock-down: This is how much SA’s alcohol ban cost the economy

After a two month ban on liquor sales, stores reopened today and thirsty consumers were waiting in line to replenish their stock. While the industry expects liquor sales to spike in the coming days, the ban on sales during the Covid-19 lock-downs has cost over 117,000 jobs. That’s according to the South African Liquor Brand owners Association (SALBA). SALBA CEO, Kurt Moore joins CNBC Africa for more.

Absa May manufacturing index surprises

The rand is rallying. Eight million people are back at work. Petrol will cost one rand and eighteen cents per litre more from next month and the latest Absa Purchasing Managers Index business activity sub-index rebounded to 43.2 in May after collapsing to an all-time low of 5.1 in April. The magnitude of the increase is surprising, given that most parts of the manufacturing sector could only operate at 30 per cent of employment capacity in May due to lockdown. Miyelani Maluleke, Economist at Absa Corporate and Investment Banking joins CNBC Africa for more.

COVID-19: Are Rwanda’s taxi motorbikes equipped for return?

Last night the Rwandan Prime Minister's office announced that the previously slated date of reopening of passenger motorbikes - which was meant to be today - has been extended until further notice. As the country gears up to reallow taxi-motorbikes to start operating again after over 2 months of being out of service due to Covid-19 measures; tech and mobility company, Pascal Technology has been hard at work equipping them to meet new regulatory measures. CNBC Africa spoke to Pascal Ndizeye, CEO and Founder, Pascal Technology to gauge their progress.

Health care group RH Bophelo lists on the Rwanda Stock Exchange

South African multi-million health care company, RH Bophelo today cross-listed on the Rwanda Stock Exchange, making it the 9th company to be listed on the RSE stock market. This comes at a time when another South African company, Cimerwa PPC is also planning the same move. Celestin Rwabukumba, CEO, Rwanda Stock Exchange joins CNBC Africa for more.

Partner Content

Sanlam Emerging Markets and its partners on the African continent invest over $12 million to fight COVID-19

As we go through this global pandemic together, it is the little things we miss. A high five, a handshake, a walk...

VIVO CEO is a dynamic leader for this innovative global brand

May 2020 -- Six months ago the vision for vivo in South Africa was just beginning to...

Trending Now

“Stop this culture of frivolous allegations” former World Bank Treasurer Arunma Oteh defends African Development Bank President

"So my appeal really is that we dispense of this issue. That we stop this culture of frivolous allegations around the times of elections. And allow the African Development Bank to support the African continent at this important time.”

How LGBTQ+ Pride Went From Movement To Marketing

With all of the changes to this year’s Pride lineup, many are left wondering how these virtual events will maintain their support of small LGBTQ+ owned businesses, like restaurants, bars, and brick-and-mortar stores, as well as LGBTQ+ focused nonpr

CNBC Africa celebrates 13 years on air

Today, June 1st marks our 13th Anniversary at CNBC Africa. As we celebrate our work and experiences at a time when the world is subdued by the coronavirus, here are views of some of our top analysts and friends from over the years....

Capital Appreciation’s Bradley Sacks on COVID-19 impact on business

Capital Appreciation, a JSE fintech player raised its final dividend by over 17 per cent following an increase in annual revenue and profits. The payment solutions provider saw increased demand for its digital and cloud based services and said the Covid-19 pandemic has not impacted earnings negatively. Bradley Sacks, Joint CEO at Capital Appreciation joins CNBC Africa for more.
- Advertisement -