ReutersNew York: Billionaire Leon Black’s decades-long relationship with convicted sex offender Jeffrey Epstein will be reviewed by a group of board members at the private equity firm he leads, Apollo Global Management.
A spokeswoman for Apollo said Tuesday night that Black requested the review by members of the firm’s conflicts committee during a regularly scheduled board meeting.
Black asked for the review a little more than a week after The New York Times reported that he had wired at least $50 million in fees and donations to entities affiliated with Epstein in the US Virgin Islands from 2012 to 2017.
Shares of Apollo have fallen more than 13% since the report was published. The firm reports quarterly earnings on Oct. 29. In asking for the review, Black, an Apollo co-founder and its chief executive, said an independent review was in “the best interests” of Apollo, its employees, shareholders and limited partners.
The board committee retained the law firm Dechert LLP to conduct the review. Black and Apollo have repeatedly said that Epstein did no work for the firm, which counts some of the biggest public pensions in the world among its investors.
In a letter to investors after the Times report, Black said he had not been accused of any wrongdoing. He said he had paid millions in fees to Epstein for advice, mainly on estate planning.
Epstein died in custody in August 2019 after he was accused him of engaging in sex trafficking with underage girls and young women. His death was ruled a suicide.
A spokeswoman for Apollo said Tuesday night that Black requested the review by members of the firm’s conflicts committee during a regularly scheduled board meeting.
Black asked for the review a little more than a week after The New York Times reported that he had wired at least $50 million in fees and donations to entities affiliated with Epstein in the US Virgin Islands from 2012 to 2017.
Shares of Apollo have fallen more than 13% since the report was published. The firm reports quarterly earnings on Oct. 29. In asking for the review, Black, an Apollo co-founder and its chief executive, said an independent review was in “the best interests” of Apollo, its employees, shareholders and limited partners.
The board committee retained the law firm Dechert LLP to conduct the review. Black and Apollo have repeatedly said that Epstein did no work for the firm, which counts some of the biggest public pensions in the world among its investors.
In a letter to investors after the Times report, Black said he had not been accused of any wrongdoing. He said he had paid millions in fees to Epstein for advice, mainly on estate planning.
Epstein died in custody in August 2019 after he was accused him of engaging in sex trafficking with underage girls and young women. His death was ruled a suicide.
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