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Bain & Company Statement: November 18, 2019

Bain & Company Statement: November 18, 2019

Johannesburg - 18 November 2019 - Earlier today in testimony given by Lord Peter Hain to the State Capture Commission, Lord Hain attributed actions to Bain & Company that he acknowledged in his evidence are not based on any personal knowledge of the facts. 

We recognise that state capture is an insidious issue within South Africa and Bain generally is in agreement with, and supports, Lord Peter Hain's recommendations and solutions relating to state capture. To this end, Bain has launched a comprehensive remedy plan in order to re-emphasise an ethical corporate environment and to ensure that we make ongoing positive contributions to our employees, to our clients, and to South Africa. In addition, we have offered our cooperation to the relevant South African authorities in order to assist them in connection with their investigation of matters related to SARS.    

Bain believes Lord Hain’s allegations about Bain to be incorrect and has not found any evidence to support them. In a response to the State Capture Commission, Bain denied that it was involved in any acts of unlawful conduct, including corruption, bribery, fraud, money laundering and/or tax evasion. Specifically:  

  1. The Guptas had no connection with or involvement in Bain’s work at SARS, and Bain has found no evidence that it did any business with the Guptas.  
  2. While it is accurate that Bain provided executive coaching for Mr Tom Moyane, Bain was not in any way involved in the appointment of Mr Moyane. The purpose of this coaching, which we regularly provide to private sector executives, was to prepare Mr Moyane for the position of Commissioner of the South African Revenue Service and not for the purpose as alleged by Lord Hain. We regret the lack of judgement exhibited in applying our private sector practices to the public sector. The firm has since implemented measures to ensure that this does not take place again.  
  3. Bain has found no evidence that any of our current or former employees visited Nkandla for any purpose.
  4. Bain does not provide any banking, financial, or legal professional services and as such the firm is not involved in any capacity in clients’ funds transfers.

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