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South Africa Welcomes Energy Group Ending Work With Bain

Antony Sguazzin

20 December 2024 at 12:41 pm·1-min read

(Bloomberg) -- The office of South African President Cyril Ramaphosa said it welcomes the decision of the Energy Council of South Africa to end work with Bain & Co. after it objected to the relationship.

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“It’s a welcome development,” Vincent Magwenya, Ramaphosa’s spokesman, said. Earlier in the week, the president’s office had issued a statement asking the council to reconsider the relationship and has also criticized work being done by McKinsey & Co. for another business group.

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Bain was in 2022 banned from doing business with South Africa’s government for a decade after a corruption scandal. Still, the council, whose members include Sasol Ltd. and the local unit of TotalEnergies SE, had accepted Bain’s offer of helping to run its project management office at no charge.

James Mackay, the council’s chief executive officer, declined to comment when called by Bloomberg. Bain didn’t immediately respond to queries.

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©2024 Bloomberg L.P.

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