The Justice Department has entered into a deferred prosecution agreement with McKinsey Africa, which will allow the company to avoid prosecution under the Foreign Corrupt Practices Act if it follows certain terms.
McKinsey said in a statement that it “welcomes the resolution of these matters and the closure of this regretful situation." The company said it has cooperated with authorities and has made “significant upgrades" to its "risk, legal and compliance controls."
A former McKinsey senior manager, who has pleaded guilty to a federal charge in connection to the scheme, was fired more than seven years ago shortly after the company learned about the issues, the company said.
“McKinsey is a very different firm today than when these matters first took place," it said.