Och-Ziff Capital Management Group LLC said Tuesday it has reserved $200 million for a settlement of Foreign Corrupt Practices Act offenses arising from alleged bribes in Libya.
Entries in sovereign wealth fund (7)
This summer the SEC charged BNY Mellon with violating the FCPA by providing highly sought-after student internships to family members of foreign government officials who were directly affiliated with a Middle Eastern sovereign wealth fund. The enforcement action is a clear harbinger of what's to come.
Starting in January, it was widely reported that the SEC had upped its FCPA scrutiny of private equity funds required to register as investment advisers under Dodd-Frank, with requests for information being issued to a number of funds in connection with their courting of sovereign wealth funds.
The Securities and Exchange Commission Tuesday said BNY Mellon agreed to pay $14.8 million to settle charges that it violated the Foreign Corrupt Practices Act by providing valuable student internships to family members of foreign government officials affiliated with a Middle Eastern sovereign wealth fund.
In a securities filing this month, Bank of New York Mellon Corp. said it received a subpoena from the SEC asking about job offers to government officials and internships awarded to their family members.
The UK Serious Fraud Office could decide "as soon as next month" whether to charge former Barclays executives over undisclosed payments the bank made to Qatar's sovereign wealth fund in 2008, when the Bank was trying to raise money during the credit crunch.
Och-Ziff Capital Management Group said in an SEC filing Wednesday the SEC and DOJ are investigating whether it violated the Foreign Corrupt Practices Act in connection with an investment from a sovereign wealth fund.