Och-Ziff Paying Over $400 Million To Settle Bribery Charges

By Markets MarketWatch Pulse

Och-Ziff Capital Management will pay nearly $200 million to the Securities and Exchange Commission, as well as a criminal penalty of $213 million to the Justice Department, over allegations the fund used intermediaries, agents, and business partners to pay bribes to high-level government officials in Africa. The SEC said the illicit payments were used to induce the Libyan Investment Authority to invest in Och-Ziff managed fund, and other bribes were paid to secure mining rights and corruptly influence officials in Libya, Chad, Niger, Guinea, and the Democratic Republic of the Congo. Och-Ziff CEO Daniel S. Och agreed to pay nearly $2.2 million to settle SEC charges, and CFO Joel M. Frank will be assessed a penalty at a later date. Och and Frank consented to the SEC's order without admitting or denying the findings.

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