McKinsey Africa Settles U.S. Bribery Case for $122 Million

McKinsey and Company Africa Ltd will pay over $122 million to settle a U.S. investigation into a bribery scheme involving South African government officials. The company was charged with conspiracy to violate the Foreign Corrupt Practices Act. The case includes former executive Vikas Sagar's guilty plea.

McKinsey and Company Africa Ltd, a subsidiary of the global consulting firm McKinsey & Company Inc., has agreed to pay more than $122 million to settle a U.S. investigation into a bribery scheme involving South African government officials, according to the U.S. Justice Department.

The privately-owned firm faced charges of conspiracy to violate the Foreign Corrupt Practices Act, with incidents occurring between 2012 and 2016. The settlement comes as part of a three-year deferred prosecution agreement with the department.

Nicole M. Argentieri, head of the Justice Department's Criminal Division, stated, "McKinsey Africa bribed South African officials to secure lucrative consulting business, resulting in tens of millions of dollars in profits." Former senior partner Vikas Sagar has already pleaded guilty to conspiracy in the case.

(With inputs from agencies.)