{"id":133950,"date":"2024-12-06T11:31:50","date_gmt":"2024-12-06T04:31:50","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=133950"},"modified":"2024-12-06T11:31:50","modified_gmt":"2024-12-06T04:31:50","slug":"mckinsey-to-pay-122-million-to-settle-south-africa-bribery-case","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=133950","title":{"rendered":"McKinsey to Pay $122 Million to Settle South Africa Bribery Case"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">McKinsey &amp; Co. agreed to pay a fine of more than $122 million to resolve a felony bribery investigation stemming from its work in South Africa, federal prosecutors in New York said in a filing unsealed Thursday. It is the latest in a string of legal penalties for the global consulting firm, which in recent years has agreed to pay about $1 billion in settlements for its work with opioid manufacturers.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The fine announced Thursday was part of a deferred prosecution agreement that would dismiss the bribery charge against the company after three years if McKinsey meets the conditions of the deal. Separately, a former McKinsey senior partner, Vikas Sagar, who was a leader in its Johannesburg office, pleaded guilty to conspiring to violate an anti-corruption law, prosecutors said.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The bribery investigation stemmed from work that McKinsey\u2019s South African branch performed, starting more than a decade ago, for two state-owned companies: one overseeing the country\u2019s run-down electric generating system, the other managing its freight rail system and ports. Mr. Sagar received confidential information about the companies that led to multimillion-dollar consulting contracts, and in return, some of the money McKinsey and its local partners made was routed to two officials as bribes, prosecutors said.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cMcKinsey Africa participated in a yearslong scheme to bribe government officials in South Africa and unlawfully obtained a series of highly lucrative consulting engagements\u201d that netted McKinsey $85 million in profits, Damian Williams, the U.S. attorney for the Southern District of New York, said in a statement.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">When The New York Times published a 2018 <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2018\/06\/26\/world\/africa\/mckinsey-south-africa-eskom.html\" title=\"\">investigation<\/a> into McKinsey\u2019s contracts in South Africa, the firm\u2019s questionable work there was considered its biggest mistake in its nearly 100-year history. But the next year, with the United States in the grip of an opioid epidemic, McKinsey\u2019s extensive work to \u201c<a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2021\/02\/03\/business\/mckinsey-opioids-settlement.html\" title=\"\">turbocharge<\/a>\u201d sales at Purdue Pharma, the maker of the painkiller OxyContin, became public. McKinsey\u2019s work with opioid makers is the focus of an <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/04\/24\/business\/mckinsey-criminal-investigation.html\" title=\"\">ongoing<\/a> federal criminal investigation.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.nytimes.com\/2024\/12\/05\/world\/africa\/mckinsey-bribery-case-south-africa.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>McKinsey &amp; Co. agreed to pay a fine of more than $122 million to resolve a felony bribery investigation stemming from its work in South Africa, federal prosecutors in New &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=133950\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-133950","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/133950","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=133950"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/133950\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=133950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=133950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=133950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}