Bain & Company Voluntarily Withdraws from the BLSA After State Capture Report Implication

Bain & Company Voluntarily Withdraws from the BLSA After State Capture Report Implication

  • Bain & Company has made the decision to forfeit its membership in the Business Leadership SA organisation
  • The firm's withdrawal comes after the State Capture Report found that Bain had a hand in the demise of the South African Revenue Service
  • Some social media users say Bain withdrawing is not enough and people should be held accountable for corruption

PAY ATTENTION: Follow Briefly News on Twitter and never miss the hottest topics! Find us at @brieflyza!

JOHANNESBURG - Bain & Company, one of the companies found to have been complicit in state capture for the work it was contracted to do for the South African Revenue Service(SARS) has made the decision to withdraw from the Business Leadership SA (BLSA).

In a press statement released on Tuesday, 18 January announced that it has decided to voluntarily step aside in an effort not to distract from the work the BLSA does for businesses in South Africa.

Read also

Black Management Forum advises that companies guilty of participating in state capture be expelled

Bain&Company, Business Leadership SA, State capture report, SARS, South African Revenue Service
Bain & Company is no longer a member of the Business Leadership SA. Images: Rick Friedman & Veli Nhlapo
Source: Getty Images

Bain also apologised for the role the South African branch has played in the demise of SARS, according to Fin24. However, the company says it was an unwitting participant in what happened at SARS.

This is not the first time Bain has left the BLSA. In 2018, the firm was suspended from the BLSA for almost two and half years after it was implicated at the Nugent Commission of Inquiry, however, after repaying the R164 million the company unduly earned, Bain's membership was reinstated.

Enjoy reading our stories? Download the BRIEFLY NEWS app on Google Play now and stay up-to-date with major South African news!

The money was for the work Bain had done for SARS.

BLSA CEO Busisiwe Mavuso has hit back at the criticism that the organisation was defending Bain in the wake of the State Capture Report. The BLSA even went as far as defending its decision to keep Bain as a member stating that the organisation is not corrupt, according to IOL.

Read also

Gwede Mantashe says the state capture report attacks transformation by questioning deployment of officials

Mavuso highlighted that Bain had been punished for its involvement in corruption in the past.

South Africans weigh in on Bain's withdraw

Some social media users believe that Bain should face more consequences for their involvement in state capture. Here are a few comments:

@CoertzeWayne said:

"That’s far too easy. They must answer for their involvement!"

@SNgcunukana said:

"Good, thieves whether they are black or white, rich or poor are unaccepted in our country. BLSA`s defence of such thieves is embarrassing."

@willemlombaard said:

"Prison, anyone? Yes, no..."

@tpgbru said:

"Mmm...Wonder how @BLSA_Official feels after this! pst..wipe that egg off your faces, guys! It's running into your nose. I mean you wanted these criminals as part of you! You have no morals or any standards! Let this be a lesson to all businesses in South Africa. We don't tolerate skelms."

@SabbyMole23 said:

"Running away from justice. Protected."

Read also

State Capture Reports reveals damning information on SAA, former chairperson wants NPA to get involved

Black Management Forum advises that companies guilty of participating in state capture be expelled

Briefly News previously reported that the Black Management Forum (BMF) has expressed that they do not want companies that are complicit in state capture, as outlined in part one of the State Capture Report, to be allowed to operate.

The BMF said that allowing these companies to continue their operations with no consequences sends the message that their involvement in state capture is acceptable, which undermines transformation in South Africa.

Not only does the forum believe that the expulsion of companies guilty of dining state capture will send a strong message to the business community, but to the world at large, BusinessDay reports. They added that it would help to promote justice, fairness and transparency moving forward.

Source: Briefly News

Online view pixel