Bain, Nedbank Deny Facilitating Corruption in South Africa
- Panel questions firms’ conduct in dealings with state entities
- Both companies pledge to continue cooperating with authorities
Photographer: Nadine Hutton/Bloomberg
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Global consultancy Bain & Co. and Nedbank Group Ltd., South Africa’s fifth-largest lender, denied willfully facilitating or being party to corruption after a judicial inquiry found their conduct wanting in their dealings with state-owned firms.
A panel, headed by Acting Chief Justice Raymond Zondo, concluded in the first of a three-part report that the state was “captured” during former President Jacob Zuma’s rule, with top government officials and the private sector colluding to loot taxpayer funds. The report was published earlier this week after more than three years of testimony from hundreds of witnesses.