A UK government ban on Bain & Co from competing for state contracts sets an important precedent for the handling of companies found to have assisted with corruption overseas, according to lawmaker Peter Hain. | Fin24
The global consultancy was this year found by a South African judicial commission to have had links with corruption in the country under the presidency of Jacob Zuma, specifically in work restructuring the national tax agency.
"This is an important precedent which I welcome because when this was going on and Bain in South Africa was doing all this nefarious business and earning big fees in the process, then it was away from global scrutiny," Hain, who grew up in South Africa, ."I don’t think that public contracts should be handed out in a country like Britain to any company that has behaved in that unlawful way.
Bain said the firm is"disappointed and surprised" and would be responding to express concern about the decision-making process before considering other options. "serious failure"Other international firms have returned earnings for their links to graft in South Africa, notably McKinsey & Co., another global consultancy, and Swiss industrials firm ABB, German IT services firm SAP SE.
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