McKinsey subsidiary will pay $122M for scheme to bribe South African officials, US says

WASHINGTON (AP) — An African subsidiary of the consulting firm McKinsey & Company Inc. will pay a criminal penalty of more than $122 million to resolve a U.S. Justice Department investigation into a yearslong scheme to bribe South African government officials. The Justice Department says the scheme involved bribes to officials with South Africa’s state-owned and state-controlled custodian of ports, rails, and pipelines, as well as its state-controlled energy company. It netted McKinsey Africa and its parent company $85 million in profits between 2012 and 2016, officials said. McKinsey said in a statement that it “welcomes the resolution of these matters and the closure of this regretful situation.”