Sculptor Capital Management has agreed to pay $136 million to a group of former investors in a Congolese mine who were found by a court to be victims of a decade-old bribery scheme involving the hedge fund
By Dylan Tokar Close Dylan Tokar July 27, 2020 5:54 pm ET Sculptor Capital Management Inc. has agreed to pay $136 million to a group of former investors in a Congolese mine who were found by a court to be victims of a decade-old bribery scheme involving the hedge fund.
News of a possible settlement emerged this month, when investors informed a judge overseeing the case of a tentative deal. Sculptor, which was previously called Och-Ziff Capital Management, disclosed the value of the proposed agreement in a securities filing Friday. Newsletter Sign-up Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance.
Africo lost control of the mine after Israeli businessman Dan Gertler paid millions of dollars in bribes using funds from an investment by Och-Ziff to influence a legal dispute over the mine’s ownership, according to federal prosecutors. A spokesman for Mr. Gertler said Monday that the businessman denies all accusations of wrongdoing in the Democratic Republic of the Congo.
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