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Bain and Company appears before the SARS Inquiry

1,124 views · Published 25 September 2018 · 2:16 · Indexed 1 October 2026

Channel: SABC News · 2018 · News & Politics

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The Number of the Day is R164 million. Which is the fee that the South African Revenue Service, SARS, paid global consulting firm Bain and Company, for restructuring advice? Bain said earlier that it had put aside this amount of money plus interest to pay back SARS and today it reiterated that money had been said aside. But will this amount plus interest be enough to make up for the consequences of the contract between SARS and BAIN that were seemingly disastrous? The relationship between then Bain Managing Partner, Vittorio Massone, and the suspended SARS commissioner Tom Moyane, was once again in the spotlight at the SARS Commission of Inquiry today. The hard questions for Bain were piling up but Massone called in sick. Email evidence was introduced however which showed that he cheered when a top manager resigned. In recent years SARS has faced criticism around lower than expected revenue collection, delayed refunds and claims of corruption. President Ramaphosa suspended the commissioner Tom Moyane in March ahead of a disciplinary inquiry and appointed the commission in May. Remember that the holes in revenue collection under Moyane amounted to billions. So the question remains…Even if Bain pays back the money, does R164 million plus interest make up for the billions that were lost and the damage to the South African economy?

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