For six-and-a-half years, the hedge fund formerly known as Och-Ziff Capital Management has been rather eager to put its African misadventures—specifically those involving bribes paid to public officials in exchange for some exciting mining rights—behind it. It spent $400 million and had a subsidiary plead guilty. It (eventually) cut ties with its founder. It changed its very name. And still, the scandal continued to hang over its head, in part because—like the Justice Department—the victims of its little scheme would not just go the hell away. At last, however, they have.
A federal judge approved a restitution payment of more than $138 million to investors in a Congolese mine… Final approval for the restitution came Wednesday at a sentencing hearing presided over by District Judge Nicholas Garaufis. The payment is expected to be divided among more than 300 former investors…. The investors and Sculptor eventually agreed to pay $136 million to the victims represented by Wilson Sonsini.
The restitution agreement kicked off a final scramble to find any remaining Africo investors who may be entitled to a payment. The Justice Department this week said it had identified an additional 133 victims who will be paid a total of more than $2 million based on the amount of their losses as a result of the bribery scheme.
Now if you could all be kind enough to never mention any of this ever again.