Politically and culturally, UK cabinet office minister Jacob Rees-Mogg and I have little in common. So that made his agreement earlier this week to suspend Bain & Co from bidding for UK government contracts even more welcome.
But like the US and European governments, the UK has moved at a snail-like pace to confront global corporate complicity over SA’s state capture decade. NeitherChartered for the gargantuan money laundering these banks facilitated, which enabled the Gupta brothers to move billions of rand out of Johannesburg through Dubai and Hong Kong, where it was hidden before being moved through shell companies.
Let’s hope the Bain precedent set by the UK is replicated by other governments, starting with the US, where president Joe Biden could establish a global standard for corporate behaviour. In SA Bain used its expertise not to enhance the functioning of a world-renowned tax authority, as the SA Revenue Service was acknowledged to be, but to disable its ability to collect tax and pursue tax evaders, all in the service of its corrupt paymasters. The very company that possessed the expertise to bolster SA’s defences against the ravages of state capture weakened those defences and profited from it.Bain remains in denial.
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