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Bain & Company Statement: October 21, 2019

Bain & Company Statement: October 21, 2019

Johannesburg - 21 October 2019 - In late August, Athol Williams made Bain & Company aware of his decision to leave the firm before the end of 2019 in order to refocus on his PhD studies and his lecturing responsibilities.

Bain is grateful for Athol’s contributions, including developing and setting in motion the implementation of our remedy plan and his role in the establishment of the new Bain Africa Oversight Board, chaired by Norman Mbazima. In addition, Athol was instrumental in creating Bain South Africa’s new Integrity Pledge, and identifying the need for and setting up a Whistleblower process and hotline which is currently being implemented across Bain globally.

We have conducted a thorough investigation into all aspects of our engagement with SARS. This investigation, which is now complete, did not find any evidence that Bain was involved in any scheme with Mr. Moyane to damage SARS or that Bain withheld relevant evidence of any kind. We disagree with any assertion that the firm has not disclosed its full role in the events that transpired at SARS. Consistent with this commitment to be transparent, Bain & Company approached the relevant South African authorities in July of this year to reaffirm our commitment to fully cooperate in any investigation.

We have acknowledged that we made mistakes in our work at SARS, but the firm had no motive, monetary or otherwise, to damage SARS. Our business depends on the dedication and well-intentioned work of many South African employees who live and deal with the same issues as any other citizen of this country and who want a better stronger South Africa.

Bain’s focus continues to be on implementing our remedy plan and to make ongoing positive contributions to the South African people and South African society.

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