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Och-Ziff Unit Said to Plan to Plead Guilty Over Bribes

  • Parent company said to sign separate deferred-prosecution deal
  • U.S. says millions in bribes were paid to African officials
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Och-Ziff Capital Management LP, the largest publicly traded hedge fund firm in the U.S., has agreed to enter into a deferred-prosecution agreement and have a subsidiary plead guilty in a federal probe into millions of dollars of bribes funneled to African officials, according to a person familiar with the matter.

The admission of guilt is part of a settlement with the Justice Department and the Securities and Exchange Commission after a complex five-year investigation into graft worth hundreds of millions of dollars, shell companies, oil and diamonds. The company has set aside more than $400 million for fines and penalties.