Washington wraps up criminal action against Och-Ziff over Dan Gertler transaction

摘要

The criminal action brought by the US authorities in September 2016 against the New York hedge fund Och- Ziff Capital Management Group (renamed Sculptor Capital Management in 2019) for corrupting Congolese and Libyan public officials finally reached a conclusion on 13 May. Back in 2016, the company was ordered to pay a fine of $213m (AI, 11/10/16). The US securities watchdog announced at the time that it would wrap up the action six months after a three-year period had elapsed, during which time additional investigations would be conducted and the hedge fund would be expected to introduce improved compliance systems and internal checks and balances. This probation period was extended after the shareholders of Africo Resources, a firm that also claimed to be a victim of Och-Ziff corruption, filed a parallel suit. They were seeking compensation for having allegedly been duped when selling off their stake - under pressure and at an undervalued price - in the Kalukundi copper-cobalt project in the DRC. The sale followed negotiations involving Och-Ziff and Congolese public officials as well as the Israeli Dan Gertler (AI, 20/05/20). An agreement was finally reached between the Africo shareholders and the New York hedge fund last November regarding the payment of $135m in compensation (AI, 10/11/20), and six months later on 13 May the action in the United States was duly wrapped up.