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[ALERT] McKinsey to pay back Eskom fee if court finds contract invalid

10 October 2017 10:24 AM
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[ALERT] McKinsey to pay back Eskom fee if court finds contract invalid

In a statement, the firm said that it stands by the work it did for Eskom and that it wants to resolve the issue. It further said that it has no interest in benefitting from an invalid contract.

PRETORIA - Global consultancy firm McKinsey says it will support a High Court review of its Eskom contract and pay back the money it has been paid if the contract is deemed unlawful.

The firm made the comments in a statement issued on Tuesday which is also a deadline set by Eskom for the company to pay back about R1.6-billion.

The firm has invited both Eskom and Trillian to submit themselves to a High Court review of the turnaround programme contract.

The company says that when Eskom approved the contract, it explicitly required approval in terms of the Public Finance Management Act and was told Treasury had granted such approval.

McKinsey says it plans to set aside the full fee it earned in a ring-fenced account and is ready to comply with whatever decision a court makes in a review of the contract.


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