Hedge fund Och-Ziff agrees settlement in African bribery case

Hayley Kirton
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"We have learned from this experience," said Och-Ziff's chief exec (Source: Getty)

US hedge fund Och-Ziff agreed to fork over $412m (£317.5m) late last week to settle a case that it bribed top officials in a variety of African countries.

The US authorities, including the Securities and Exchange Commission, contested that Och-Ziff's internal controls were not adequate to detect and prevent a bribery scheme being carried out and concealed by former employees.

"We have learned from this experience and taken significant steps to strengthen Och-Ziff," said Daniel Och, chairman and chief executive of Och-Ziff. "We are pleased to bring this matter to a conclusion and remain focused on generating returns in our funds."

William Sweeney of the FBI's New York field office commented: "Gaining the upper hand in a business venture by engaging in corrupt practices is bribery in its purest form. Doing so with the intention of influencing a foreign official in his or her capacity is nothing short of corruption."

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