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Image: Alaister Russell

The National Prosecuting Authority (NPA) announced on Thursday it had concluded an alternative dispute resolution with McKinsey & Company’s subsidiary, McKinsey South Africa.

It said McKinsey South Africa will help the Investigating Directorate Against Corruption in its criminal investigations by continuing to hand over information and material in its possession.

“McKinsey will also pay R1.1bn into South Africa’s Criminal Assets Recovery Account in recognition of the social and economic harm caused by the conduct of a former employee in South Africa (Vikas Sagar),” NPA spokesperson Mthunzi Mhaga said.

The NPA said McKinsey & Company is a global strategy and management consultancy firm that focuses on the development of institutions, companies and infrastructure for increased sustainability and growth. It said McKinsey South Africa started operating in 1995 and had provided extensive support to companies and state-owned enterprises.

The NPA said the resolution was the product of co-operation between the NPA and the US department of justice and was co-ordinated with US criminal justice processes that resulted in a settlement agreement confirmed on Thursday by a US federal court.