Leon Black planned to step down as chief executive of Apollo Global Management Inc., after an independent review expected big payouts to the notorious financier Jeffrey Epstein that it was still considered fair.
A months-long review by Dechert LLP found no evidence that Mr. Black was involved in Epstein’s criminal activities, which included younger girls accused of federal sex-trafficking in 2019, a law firm reported Was. Viewed by The Wall Street Journal.
In his report, Dichart found that the fee the billionaire had paid to Epstein was for legitimate advice on trust and estate-tax planning that proved to be of significant value to Mr. Black and his family. Mr. Black paid Epstein a total of $ 148 million, as well as a $ 10 million donation to his charity – more known than before.
Mr. Black said in a letter to Apollo’s fund investors that he would take on the role of co-founder of CEO Rowan, retaining the role of chairman on or before his 70th birthday on July 31. In the letter, a copy of which was seen by the Journal, Mr. Black suggests other detailed changes to the board, including the appointment of more independent directors and the abolition of Apollo’s dual-class share structure.
Mr. Black also promised to donate $ 200 million of his family’s money to the women’s initiative.