South Africa: Ismail Momoniat - Bain Must Tell the 'Whole Truth' About Its Role


Treasury's deputy director-general for tax and financial sector policy Ismail Momoniat said Bain & Company needs to disclose to SARS and Treasury its 'internal investigation reports as well as all documents and communication' after it drastically restructured the tax agency, weakening it during the State Capture years.

The National Treasury has responded to the surprise resignation of a Bain & Company local partner, who was tasked with cleaning up its public image, saying the consultancy firm needs to tell the "whole truth" about its role in the destruction of the SA Revenue Service (SARS) during the corrosive State Capture years.

Treasury's deputy director-general for tax and financial sector policy Ismail Momoniat said the resignation of Athol Williams on Thursday 17 October - barely six months since he was appointed as Bain's South Africa partner - is "welcome" and "long overdue".

Momoniat, whose job at the Treasury involves overseeing the efficiency of SARS, said US authorities should investigate Bain, a Boston-based firm, under the country's Foreign Corrupt Practices Act, for its role in the destruction of a once world-class tax agency during the reign of former commissioner Tom Moyane.

Momoniat's call echoes that of civil society group Corruption Watch, which believes...

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