Bain & Co Banned by UK Government Over SARS Fraud, Company Says It's “Disappointed” by Ruling

• International management firm Bain & Company has been banned from operating in the United Kingdom for three years from January
• This is due to the company's involvement in South Africa's state capture and corruption and fraud within the South African Revenue Service
• UK Cabinet Office Minister Jacob Rees-Mogg said the company’s integrity is now questionable but believes it will be restored over the stipulated period

UNITED KINGDOM - The UK government has banned international management firm Bain & Co. for its involvement in fraud and corruption in the South African Revenue Service. As a result, the company will not be granted any contracts in the UK for the next three years from January.

UK Cabinet Office Minister Jacob Rees-Mogg said the company’s integrity was now questionable. He believes that the tarnished reputation will be repaired after the three years. According to Fin24, the first instalment of the State Capture Commission Report details how the company conspired with former President Jacob Zuma and former SARS head Tom Moyane to “capture” the government institution.

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The report suggested that the police should investigate Bain’s involvement in SARS. The company was awarded R167 million in fees over 27 months from SARS, which it must repay with interest.

Bain said the decision to ban the company was disappointing and surprising. The Financial Times reported that the company plans to consider other options to review the decision.

South Africans react to the ban of Bain & Company for three years:

@BatiBatForever said:

“Only 3 years?”

@mokabah commented:

“We have a higher tolerance for malfeasance because we listen to politicians too much. In SA, everything can be explained, no matter how ridiculous.”

@hbosc31 posted:

“They should have banned them for life for their role in South Africa’s state capture.”

@NgamlaBlack added:

“Just three years... nice.”

Bain & Co. voluntarily withdraws from the BLSA after state capture report implication

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In a related matter, Briefly News also reported Bain & Co., 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), made the decision to withdraw from Business Leadership SA (BLSA).

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.

Source: Briefly News