Global consultancy firm Bain & Company express regret, and appeal to SARS and National Treasury 💰 to overturn its ban from doing business in SA. Catch up on the story here: BainandCompany statecapture
“Lapses in leadership by Vittorio Massone, Bain South Africa’s former office head, who was not truthful with the Nugent Commission or with us. Failures in management oversight which enabled these actions to take place and ignored red flags raised by both local and global leaders in our firm,” it said. Bain said it lacked specific protocols for working with government and the public sector, and did not provide further testimony to the Nugent Commission from those who worked with Massone.
“We accept that there must be consequences for these mistakes. We also fully recognise and support the government’s responsibility in holding companies to account for the role they may have played in State Capture. “However, singling out an individual company based on unproven allegations and without due process is concerning. We believe that the decision to restrict Bain SA is fundamentally flawed,” Bain said.Bain added that its new South African leadership is determined to make sure that the events of the past can never be repeated.
“We will continue reaching out to key stakeholders, including government, business leaders and civil society, to engage openly and honestly on a way forward to help rebuild a better business environment and, ultimately, a better South Africa,” Bain said.
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