Bain to launch investigation into work for SARS

Global consultancy Bain & Company will undertake a "deep and extensive investigation" into its work for the SA Revenue Service, it has announced.  

In a statement on Sunday, the consultancy said the investigation is needed in light of testimony heard at the Nugent Commission of Inquiry, which is probing corporate governance and revenue collection at the tax agency. 

"We want to be absolutely certain that we entered into our SARS engagement in full compliance with applicable procurement laws and that our investigation’s findings are accurate and unassailable," it said. 

"These last few weeks have been difficult. There is a growing frustration within our firm that we did not recognise the possibility that we may have been used to further a political or personal agenda. We always go into our work presuming our clients have good intentions. We are now questioning these beliefs as it relates to SARS."

Bain added it could not, as yet, publicly discuss anything that would affect the ongoing work of the commission.

* More to follow

* SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
16.25
-0.5%
Rand - Pound
19.92
-0.8%
Rand - Euro
16.94
-0.9%
Rand - Aus dollar
11.24
-0.5%
Rand - Yen
0.13
-0.6%
Gold
1,805.51
-0.3%
Silver
21.23
+0.5%
Palladium
1,930.50
-0.9%
Platinum
937.50
-0.8%
Brent Crude
111.22
+3.4%
Top 40
62,225
+0.4%
All Share
68,943
+0.4%
Resource 10
71,046
+0.4%
Industrial 25
77,107
+0.1%
Financial 15
15,894
+1.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot