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Zondo Praises McKinsey For Paying Back R870m Transnet Money

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Zondo Praises McKinsey For Paying Back R870m Transnet Money

State Capture Commission chairperson Deputy Chief Justice Raymond Zondo has welcomed McKinsey’s decision to pay back Transnet.

Speaking during the commission’s proceedings today, Zondo noted that it was not part of the commission’s mandate to recover these amounts.

“I think when some people criticise this commission for the costs that have incurred through its work, they remember at least here is this one occasion where, as a result of discussions between a unit of the commission and McKinsey, a substantial amount of money has been or will be repaid.”

It might be a small percentage of the amount, but it was something, Zondo said.

In joint statement released yesterday, McKinsey & Company agreed to pay back about R870 million by the end of the week for the work it performed on Transnet and SAA contracts tainted by state capture.

The management consulting firm and Transnet announced a final settlement agreement on the fees to be returned to the parastatal.

The statement read that the R870m included fees paid to McKinsey for projects undertaken with Regiments Capital, plus interest.

McKinsey worked alongside Gupta-linked Regiments Capital on a number of contracts that have since been investigated by the commission of inquiry into state capture.

In the course of its engagements with McKinsey, the commission showed the company certain evidence relevant to its contracts at Transnet and SAA.

The evidence suggested irregularities in the contracts, but it did not implicate any current employees or partners of McKinsey in any corruption or impropriety in relation to these contracts.

At the end of last year, the consulting firm made a commitment to the Zondo Commission to repay all the money it had received from state-owned enterprises (SOEs). McKinsey did not work alongside either Regiments or Trillian at any SOE other than Eskom, Transnet and SAA.

The agreement was brought to the attention of Justice Zondo by evidence leader Advocate Matthew Chaskalson today, shortly after the tea adjournment.

Chaskalson said the commission’s secretary received a letter from McKinsey’s legal representatives, Norton Rose Fulbright, on Monday.

Chaskalson read the letter to the commission that stated McKinsey had already repaid the full amount of fees it earned from Eskom when it worked alongside Trillian on a number of contracts deemed irregular and tainted by state capture.

In 2018, McKinsey repaid the full amount of the fees that it had earned on its Top Engineers MSA contract with Eskom, for work on an Eskom project on which Gupta-linked Trillian had also invoiced Eskom.

Chaskalson commended McKinsey for their agreement, saying “that is what a responsible corporate citizen should do”.

He did, however, highlight that this amount was below 3% of the total amount squandered in irregular contracts tainted by state capture.

He said the total amount squandered included some Gupta enterprises from “which we can’t expect voluntary repayment”, but they did include a number of South African and multinational companies that were responsible for vast sums of money on contracts linked to state capture.

“McKinsey has shown what a responsible corporate citizen does in these circumstances, and I am looking forward to seeing what those other companies do,” Chaskalson said.

 

Source: oil.co.za

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Malema Warns Against ANC Denial: Zuma’s Vote Won’t Save Them

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Malema Warns Against ANC Denial: Zuma's Vote Won't Save Them

In a press conference held at Moses Mabhida Stadium in KwaZulu-Natal on Friday, the Economic Freedom Fighters (EFF) leader, Julius Malema, addressed the recent announcement by former president Jacob Zuma regarding his support for the newly registered party, Umkhonto weSizwe (MK), over the ANC in the upcoming elections.

Malema, acknowledging Zuma’s right to vote for any party of his choosing, expressed disappointment that Zuma had not declared his vote in favor of his own party. “He decides to vote for non-existing things, and that is not going to help us displace the ANC,” Malema remarked.

Zuma had previously stated that supporting MK would help save the ANC from losing power. Malema, however, argued that Zuma was in denial about the ANC’s decline, emphasizing that no one, not even former President Nelson Mandela, could rescue it with “Madiba magic.”

Malema Warns Against ANC Denial: Zuma's Vote Won't Save Them

The EFF leader issued a stern warning to party members, urging them not to participate in any activities planned by MK ahead of the elections. Malema emphasized that the EFF’s constitution explicitly prohibits members from campaigning for or supporting other political parties.

As the ANC’s grip on power weakens, Malema predicts that Zuma’s efforts to save the party will be in vain. Despite Zuma’s political chess moves, Malema remains confident that the ANC is beyond rescue.

The date for the general elections is yet to be announced by President Cyril Ramaphosa, while Malema announced that the EFF is preparing to launch its manifesto in KwaZulu-Natal next month.

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Malema Accuses Ramaphosa Of Hiding More Billions

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We Won’t Observe Covid-19 Regulations On Campaign Trail, Says Defiant Malema

Julius Malema, LEADER of the EFF has alleged that South African’s President Cyril Ramaphosa has hidden in rand undeclared money in his other properties other than Phala Phala farm.

Addressing some party students faithful at the 4th Students Assembly held in Birchwood, Boksburg, on Saturday, the outspoken leader accused President Cyril Ramaphosa  of keeping billion of money.

“There are millions more that is being kept under mattresses in other residences. There is still Soweto. There is still Venda. There is still Cape Town and there is still Mpumalanga where monies are stored under mattresses.

We asked the question in Parliament how much is left in these properties because we are talking about one property. All these properties have got money stored,” Malema said.

According to Malema, the ANC party is full of dishonest people who continue to protect Ramaphosa even after they failed to pay ANC workers salaries.

Mr Julius Malema opined that instead of keeping the billions, Ramaphosa could have used the money to pay off the salaries of the ANC workers which has been delayed since some part of 2021.

“To show that the ANC is constituted by sick people they still call such a person their president while they were starving for six months last year as the workers have been working with no salary. Cyril’s conscience does not even say let me take a bit here for the ANC and find a way of giving them a salary …we are talking about billions. He does not have sympathy for those workers who work for his party while he is sleeping on top of billions,” he said.

Over the past few weeks there have calls for President Cryil Ramaphosa to resign amidst growing number of demonstrations.

Meanwhile, EFF leader has  said the EFF was in consultation with other opposition parties to bring the country to a standstill with a possible shutdown against Ramaphosa’s failing administration.

“We are in consultation with everyone and we have reached a point where we no longer care. This man must go. We will remove him whether he likes it or not. So when we call for the mother of all shutdowns, every campus must come to a standstill.

Not only students, including workers themselves. We are not going to teach. We are not going to clean. We are not going to manage. We are going to defend South Africa against gangsters because South Africa has been captured by gangsters,” Malema told the students.

 

 

 

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JUST IN: Oscar Mabuyane Wins Eastern Cape ANC Elections

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JUST IN: Oscar Mabuyane Wins Eastern Cape ANC Elections

The Eastern Cape provincial chairperson position has been retained by Oscar Mabuyane.

Oscar Mabuyane faced a s tiff competition from former provincial treasurer Babalo Madikizela.

Mr Mabuyane had 812 votes while his rival obtained 662 cast in a heavily contested election.

Meanwhile, Mlungisi Mvoko was elected as the deputy chairperson.

The national chairperson Gwede Mantashe address the ANC members at its conference which began on Saturday.

President Cyril Ramaphosa was supposed to deliver the closing remarks on Sunday, but this was moved to Monday after delays.

The governing party used Sunday to deal with the issue of credentials and planned to complete the conference on Monday.

On Sunday until of some of the branch delegates were adopted, the party was stuck on the question of credentials for hours.

More than 1 300 eligible voting delegates participated in electing the five leaders to lead the province and the Provincial Executive Committee (PEC).

The battle for control of the party had been intense with both sides pushing hard for their candidates.

ANC NEC deployee Dr Aaron Motsoaledi said “The issues there were about the authority of the court about Rubusana.”

According to him, they had to attend to some serious issues raised at the conference.

This related to the judgment on Saturday that rejected an urgent application by some of the members to exclude some of the branches from the Dr BW Rubusana region.

Motsoaledi said this was one of the sticking points but the conference eventually forged ahead.

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Ramaphosa, Xi Jinping Call For End Of War In Ukraine

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Ramaphosa, Xi Jinping Call For End Of War In Ukraine

President Cyril Ramaphosa and his Chinese counterpart Xi Jinping have expressed concern about the situation in Ukraine and called for an end to the conflict.

This follows a telephone discussion between Xi and Ramaphosa on Friday.

Xi is the alternate leader that Ramaphosa has verified he has spoken to after the conflict erupted in Ukraine.

A week ago he took a call from Russian chairman Vladimir Putin, and during the question and answer session in the public council this week, Ramaphosa said Putin had emphasised the issue of accommodations to chancing a result.

On Friday he said he’d held analogous addresses with Xi. The chairman also said this week he’d been asked to intervene in Ukraine.

He called for an end to the conflict, saying durable peace was demanded in Ukraine. Ramaphosa had said it would be wrong to simply condemn one side and prompted both parties to come to the negotiating table.

The UN Secretary-General, Antonio Guterres, has also been prompted to play a commanding part in ending the conflict. Ramaphosa this week also called for the reform of the UN Security Council.

Ramaphosa said it was wrong that for a mainland like Africa, with a population of1.3 billion people, it doesn’t have a endless seat in the security council.

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JUST IN: Mbali Ntuli Is The Latest Black Leader To Resign From DA

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JUST IN: Mbali Ntuli Is The Latest Black Leader To Resign From DA

Mbali Ntuli has joined a growing list of prominent black leaders who have left the Democratic Alliance in recent times after she blazoned her abdication from the party on Thursday.

In a statement, Ntuli verified she proffered her abdication as a member of the DA and member of the KwaZulu-Natal Legislature.

According to her, her decision to quit was not easy, “but one that is necessary for my growth as a community leader”.

The former DA Youth leader who made her bournes clear when she, also Gauteng leader John Moody and John Steenhuisen challenged each other for the public leader position in the last optional conference.

She has frequently spoken out against the DA’s leadership and programs, substantially criminating it of being ineffective and lacking.

In a letter publicizing her intention to dispute the position of party leader, Ntuli noted there were major issues defying the party and its leadership.

She said the party had lost benefactors “ who no longer believe in us”, throwing the DA into a fiscal extremity and as a result, there wasn’t enough backing for constituencies to do political conditioning.

In 2020, Ntuli wrote an open letter named “ Interposers and Outlanders The politicisation of our DA correctional processes”, where she recalled how at some point, the party’s top brass wanted to expel her using bogus charges.

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