Bain & Company closes its South African operations

Bain & Company, the international firm implicated in state capture, has shut down its South African consultancy just three years after the government banned it from doing business.

In 2014, Bain & Co secured a R187 million contract to restructure the South African Revenue Service (SARS) after Tom Moyane became commissioner. The Zondo Commission later implicated the firm in its 2022 findings.

BAIN & COMPANY SHUTS DOWN SOUTH AFRICA CONSULTANCY

According to the Financial Times, Bain confirmed it is winding down its consulting operations in South Africa. The company said its Johannesburg office will now serve as a services hub for its global operations, while it plans to retain most of its local staff.

In September 2022, the National Treasury banned Bain from doing business with the government for 10 years. Since then, the firm has reportedly faced difficulties rebuilding its reputation as a credible management consultancy.

WHISTLEBLOWER FLEES SA

Bain & Company’s partner in South Africa, Athol Williams, blew the whistle on the fraud and corruption.  

During his testimony at the Zondo Commission, he suggested that the company, with the help of Moyane, had been embroiled in questionable activity at SARS and even accused the company of attempting to silence him.

In 2021, Williams had to flee South Africa over fears for his safety after he blew the whistle on companies and individuals involved in state capture and testified before the Zondo Commission.