06 May 2016
Hedge fund Och-Ziff Capital Management Group has set aside $200 million as it negotiates with the U.S. government over a long-running foreign-bribery investigation.
The largest publicly traded hedge fund in the U.S. said in its quarterly earnings statement that the reserve was the primary driver in a reported quarterly net loss of $69.4 million. The Wall Street Journal reported in April that federal authorities are pushing Och-Ziff to plead guilty to criminal charges and to pay $400 million in civil penalties over the alleged bribery, but the company’s lawyers have argued it shouldn’t be held criminally liable, and that its profit from the misconduct was less than $100 million.
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