Cape Town – Multinational consultancy firm Bain and Company released a statement on Sunday saying it would pay R164 million inclusive of VAT and interest to compensate for its gains from SARS through the implementation of SARS’ restructure.
After it was investigated at the Nugent Commission of Inquiry, it was found that SARS and Bain and Co worked together to change the structure of SARS. This created inefficiencies in the collection of revenue under the leadership of SARS commissioner Tom Moyane.
The consultancy firm has agreed to pay back the money to show that they do not want to benefit from the agenda that was pushed under Moyane’s leadership. The firm has said it will await feedback from the Nugent Commission of Inquiry as to how the money will be used.
Managing partner for Bain and Co Vittorio Massone has also announced that he has stepped down from his role. Massone told the commission that he refused to apologise to South African taxpayers. Massone said that he feels that the new structure recommended was right, but they cannot be held liable for how it was implemented.
Bain and Co has agreed to continue cooperating with the commission and has appointed a new committee to investigate new information that will emerge from the commission.