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Report: Och-Ziff subsidiary to plead guilty to resolve US probe over bribery involvement

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Report: Och-Ziff subsidiary to plead guilty to resolve US probe over bribery involvement

Och-Ziff Capital Management LP will shell out morethan $400 million for penalties, and a unit will plead guilty, to settlefive-year international bribery investigations by the SEC and the U.S. Department of Justiceas part of a deferred-prosecution agreement, Bloomberg News reported Sept. 28,citing a "person familiar with the matter."

The company is under investigation by the U.S. overalleged bribery in its dealing with Libya's sovereign wealth fund and involvementin natural resources deals in other African countries.

Bloomberg said the unit could plead guilty as early asSept. 29. An Och-Ziff representative did not respond to a request for comment,the news outlet added.

While Och-Ziff's lawyers had argued that profits fromthe activities in question amounted to less than $100 million, a Reuters reportsaid the company has set aside $414 million for a possible deal.