Apollo Global Management Announces Conclusion and Release of Independent Review

Rhea-AI Summary

Apollo Global Management (NYSE: APO) announced the completion of an independent review by its Conflicts Committee regarding Chairman and CEO Leon Black's past relationship with Jeffrey Epstein. The review, conducted by law firm Dechert LLP, found that Apollo never hired Epstein for services, nor did he invest in Apollo-managed funds. Black engaged Epstein for legitimate trust and estate planning advice, supported by vetted professionals. The report, which reviewed over 60,000 communications and interviewed more than 20 individuals, found no link between Black and Epstein's criminal activities. The findings align with Apollo's prior statements.

Positive

• The independent review concluded that Apollo never engaged Epstein for services, preserving the company's integrity.
• No evidence was found linking Black to Epstein's criminal activities, bolstering his position as CEO.
• The thorough review included extensive documentation, enhancing stakeholder transparency.

Negative

• None.

NEW YORK, Jan. 25, 2021 (GLOBE NEWSWIRE) -- Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced that the Conflicts Committee of the Board of Directors has completed its previously announced independent review of Chairman and CEO Leon Black’s previous professional relationship with Jeffrey Epstein and publicly released the review’s findings. At a regularly scheduled Board meeting in October 2020, Mr. Black requested the Conflicts Committee, comprised of independent directors, retain outside counsel to conduct an independent and thorough review. The Committee subsequently retained Dechert LLP (“Dechert”), a leading global law firm.

Michael Ducey, Chair of the Conflicts Committee said, “On behalf of the Board, we want to thank Dechert LLP for conducting a timely and thorough review. We are releasing the report and findings in its entirety in the interest of being fully transparent to all of our stakeholders.”

Key findings of the Dechert report include:

• Apollo never retained Epstein for any services and Epstein never invested in any Apollo-managed funds;
• Epstein regularly advised Mr. Black on trust and estate planning, tax issues, philanthropic endeavors, and the operation of his Family Office;
• All fees paid to Mr. Epstein by Mr. Black or his Family Office were for bona fide tax, estate planning and other related services, and the amounts were intended to be proportional to the value provided by Mr. Epstein;
• Epstein’s advice was vetted by respected professional advisors; and
• Dechert found no evidence that Mr. Black was involved in any way with Mr. Epstein’s criminal activities at any time.

The findings of the report are consistent with statements made by Mr. Black and Apollo regarding the prior relationship.

In producing the report, Dechert had unrestricted access and examined more than 60,000 pieces of communication, including emails, text messages and documents, and conducted interviews with more than 20 relevant individuals. The report is publicly available via an 8k SEC filing.

About Apollo
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo. Apollo had assets under management of approximately $433 billion as of September 30, 2020 in credit, private equity and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.apollo.com.

Apollo Contact Information:

For investors please contact:
Peter Mintzberg
Head of Investor Relations
Apollo Global Management, Inc.
+1 212 822 0528
APOInvestorRelations@apollo.com

For media inquiries please contact:
Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
+1 212 822 0491
Communications@apollo.com

FAQ

What did the Conflicts Committee of Apollo Global Management find about Leon Black's relationship with Jeffrey Epstein?

The Conflicts Committee found that Leon Black never retained Epstein for services and that all payments made were for legitimate tax and estate planning advice.

Did the review find any evidence of wrongdoing by Leon Black in relation to Jeffrey Epstein?

No, the review found no evidence linking Leon Black to any of Jeffrey Epstein's criminal activities.

How comprehensive was the independent review conducted by Dechert LLP for Apollo Global Management?

The review examined over 60,000 communications and included interviews with more than 20 relevant individuals.

Where can I find the findings of Apollo Global Management's independent review?

The findings are publicly available via an 8k SEC filing.

What is the significance of the independent review for Apollo Global Management's stakeholders?

The review demonstrates transparency and reinforces the company's reputation after addressing concerns regarding Leon Black's past relationship with Epstein.