McKinsey's $122 million settlement of a South African bribery investigation has sparked sharp criticism from anti-corruption leaders who want executives involved in kickbacks to face criminal trials.

Global consulting group McKinsey struck a settlement deal with U.S. and South African authorities last week, agreeing to a financial penalty to resolve an investigation spanning nearly seven years. The investigation is an off-shoot of a larger, nationwide bribery scandal dubbed ‘state capture’ that implicated several international firms including KPMG, Bain & Co and law firm Hogan Lovells, which is shutting its Johannesburg office.