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WE'VE LET DOWN SOUTH AFRICA – TOP FIRM

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GLOBAL management consultancy Bain & Company has admitted to “significant errors of judgement” in the work it did for Sars.

The company was criticised by retired judge Robert Nugent in the final Sars commission report.

Bain said that it was “shocked and saddened by our involvement with Sars”.

“We let down our clients, our people, our alumni and our firm. Most of all, we’ve let down South Africa,” said the company in a statement.

Nugent delivered the commission’s final 199-page report to President Cyril Ramaphosa last week.

The commission was set up to investigate the state of tax administration and governance at the revenue collection agency.

Among the report’s findings was that the local office of Bain worked in concert with axed Sars commissioner Tom Moyane in what the report’s authors called a “premeditated offensive”.

“We think what occurred can fairly be described as a premeditated offensive against Sars, strategised by the local office of Bain & Company, located in Boston, for Mr Moyane to seize Sars, each in pursuit of their own interests that were symbiotic, but not altogether the same,” said the report. – FIN24

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