CAPE TOWN – Bain & Company has announced that its managing partner Vittorio Massone has stepped down from day-to-day operations and Tiaan Moolman – a long-serving member of the Bain partnership – will step in to run the South African operations in the interim.
Massone, left the Nugent Commission of Inquiry in shock on Friday after he revealed that he met with suspended SA Revenue Service (Sars) commissioner Tom Moyane to discuss the institution a year before he became commissioner.
Massone told the commission that meeting Moyane before he was appointed as commissioner was not unusual because he believed Moyane had ambitions to be head of Sars.
Bain’s global board also approved to set aside all of the R164 million of fees plus VAT and interest, from its work with the SA Revenue Service (Sars), the company said in a statement on Sunday.
The global management consultancy said this money would be used either as prescribed by the Nugent Commission of Inquiry or – in the absence of such prescription – for the benefit of South Africa. “In the latter instance, we will seek guidance from business, government and civil society leaders on how these funds can best be used.”