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In the Courts
New Developments In Och-Ziff FCPA Settlement As Brooklyn Judge Grants Victim Status to Former Investors In Restitution Claim over Lost African Mining Venture
Oz Africa Management, LLC (Oz Africa), a wholly-owned subsidiary of New York-based hedge fund manager Och-Ziff Capital Management Group, LLC (Och-Ziff), has had a key ruling made against it by U.S. District Court Judge Nicholas G. Garaufis as it seeks final resolution of the plea deal arising from both companies' $412 million Foreign Corrupt Practices Act (FCPA) settlement with the U.S. Department of Justice (DOJ) and Securities and Exchange Commission (SEC) in 2016.
Oz Africa has formally asked Judge Garaufis to reconsider his Aug. 29, 2019 ruling granting victim status to around fifty former shareholders in Canadian mining company Africo Resources Ltd (Africo) under the Mandatory Victims Restitution Act, 18 U.S.C. §3663A (MVRA) for losses arising from a mining venture in the Democratic Republic of Congo (DRC). Judge Garaufis' ruling, unsealed on September 3, relates to events occurring over 10 years ago when agents related to Oz Africa bribed Congolese judges to secure favorable court rulings as it sought control over the Kalukundi copper and cobalt mine over which Africo held exclusive rights in the DRC. The former investors claim to be owed up to $1.8 billion in restitution, arguing that the FCPA settlement has failed to hold Och-Ziff fully accountable for their losses. The application for restitution was opposed by both Och-Ziff and the Government and further complicates the final resolution of the deal reached between Och Ziff, Oz Africa and U.S. prosecutors over three years ago.
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