On September 29, 2016, a New York-based alternative investment and hedge fund manager, and its wholly-owned subsidiary, entered into resolutions to resolve criminal charges and agreed to pay a criminal penalty of more than $213 million in connection with a widespread scheme involving the bribery of officials in the Democratic Republic of Congo (DRC) and Libya.
The company, one of the largest hedge funds, positioned itself to profit from the corruption that is sadly endemic in certain parts of Africa, including in Libya, the Democratic Republic of the Congo, Chad and Niger,” said U.S. Attorney Capers. “Despite knowing that bribes were being paid to senior government officials, the company repeatedly funded corrupt transactions. One company employee was so bold as to order the removal of language from their African joint venture’s internal audit report that called for an investigation of suspected bribery payments by a business partner. Today’s corporate resolutions, which include a more than $213 million criminal penalty and an independent compliance monitor, hold the company accountable for placing profits above the law and will help ensure that the conduct brought to light here never happens again at this company.”
To read the source document and entire DOJ Press Release please follow this link: $213M for FCPA Violations
The company, one of the largest hedge funds, positioned itself to profit from the corruption that is sadly endemic in certain parts of Africa, including in Libya, the Democratic Republic of the Congo, Chad and Niger,” said U.S. Attorney Capers. “Despite knowing that bribes were being paid to senior government officials, the company repeatedly funded corrupt transactions. One company employee was so bold as to order the removal of language from their African joint venture’s internal audit report that called for an investigation of suspected bribery payments by a business partner. Today’s corporate resolutions, which include a more than $213 million criminal penalty and an independent compliance monitor, hold the company accountable for placing profits above the law and will help ensure that the conduct brought to light here never happens again at this company.”
To read the source document and entire DOJ Press Release please follow this link: $213M for FCPA Violations
