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Bain & Company Leaves South African Business Board

Business Leadership South Africa (BLSA) on Tuesday noted and accepted the resignation of tainted management consulting firm Bain & Company from the business body, reiterating its commitment to raising ethical standards in business. Bain’s decision to separate itself from BLSA comes after it was embroiled in the state capture corruption scandal and subsequently identified in part one of the Judicial Commission of Enquiry into State Capture report– along with former Sars commissioner Tom Moyane – as having “a planned and coordinated agenda to seize and restructure Sars”. BLSA which is a representative of JSE-listed companies such as Absa, Alexander Forbes, Anglo American and Capitec, had initially suspended Bain’s membership in 2018 after the Nugent Commission of Inquiry into tax administration and governance at Sars found that the company was implicated in the erosion of the entity.