McKinsey's new boss apologizes to South Africans over corruption scandal | world

JOHANNESBURG (Reuters) – McKinsey's new global head of state on the South African platform for president and CEO of Jacob Zuma, an ill-fated deal with the world's biggest reputation.

McKinsey has lost most of its customers in South Africa With Trillian in Trillian, a Trillian Dealer with Trillian in 2016.

Trillian was then controlled by the Guptas, who was under investigation over charges that they used their Friendship with Zuma to fraudulently win government contracts worth hundreds of millions of dollars.

Zuma and the Guptas deny any wrongdoing. Police have a warrant of arrest for at least one of Gupta brothers.

South Africa's national prosecutor is pursuing a case on the contract between McKinsey, Trillian and Eskom which he says was unlawful and a "sham".

McKinsey denies doing anything illegal.

Kevin Sneader, who was appointed McKinsey's global managing partner in February, will make a speech in Johannesburg on Monday to "talk frankly and honestly" about the firm's failings.

"On behalf of McKinsey & Company, I sincerely apologize to the people of South Africa. We are deeply sorry, "Sneader will say, according to a sample of the speech sent to Reuters.

"The trust of our customers and the public in South Africa is now, understandably, very low."

McKinsey said it will be this week pay back the 1 billion rand ($ 74 million) in fees it received for its share Trillian at Eskom.

Some of the criticism McKinsey has been over the fee for such a break in the financial crisis since the consultancy's "turnaround program."

McKinsey had previously defended its fee structure but it was overloaded.

"Eskom's situation is one of reckoning. In that context the fee was too wide, "Sneader says.

McKinsey is one of several multinational companies that have become so far scandalous that they have outraged South Africans who have watched millions of dollars remain in the country.

"To be brutally honest – we were too distant to understand the growing anger in South Africa," Sneader says.