Sat, 14 Dec 2019

Norman Mbazima to chair new Bain oversight board

26 Jun 2019, 22:13 GMT+10

Bain & Company announced on Wednesday that it has appointed Norman Mbazima to chair its new African oversight board, which the company set up to provide risk oversight in the wake of its work for the SA Revenue Service under former commissioner Tom Moyane.

Mbazima is deputy chairperson of Anglo American SA. From 2012 to 2016 he served as CEO of Kumba Iron Ore.

The African oversight board will, according to Bain, "provide risk oversight of client and project selection".

"We think what occurred can fairly be described as a premeditated offensive against SARS, strategised by the local office of Bain & Company Inc [...] for Mr Moyane to seize SARS, each in pursuit of their own interests that were symbiotic, but not altogether the same," the 200-page final report of the commission reads.

Bain in December described its work for SARS as a "humbling episode" and returned its fees, plus interest.

The group's managing partner for Bain Africa, John Senior, said in a statement on Wednesday that the company is "committed to ensuring that we do what it takes to regain South Africa's trust".

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