(Reuters) – Apollo Global Management Inc APO.N and its chief executive, Leon Black, have agreed to appoint an external counsel to review his ties with late financier and convicted sex offender Jeffrey Epstein, the buyout firm said on Wednesday.
At a board meeting on Tuesday, Black requested that the board’s conflicts committee, which comprises independent board members, retain outside counsel to conduct a “thorough review” of the information that he had brought forward about his relationship with Epstein, Apollo said in a regulatory filing.
The board committee has appointed law firm Dechert LLP to conduct the review.
Black told Apollo’s investors in a letter on Monday that he regretted having had links to Epstein, but denied any wrongdoing or inappropriate conduct related to his business and social relationship with Epstein.
Black told the firm’s investors that he wired between $50 million and $75 million to Epstein as far back as 2008. In the letter, Black said that Epstein provided “professional services” to his family partnership and related family entities, involving estate planning, tax and philanthropic advice.
In the latest filing, Black said Epstein never did any business with Apollo.
“In light of continued attention, it is in the best interests of Apollo, our employees, our shareholders and our LPs for there to be an independent review,” Black said in the filing.
“Proceeding in this manner is the best way to assure all of our stakeholders that they have all of the relevant facts, and I look forward to cooperating fully.”
Epstein, who was charged by federal prosecutors with sex trafficking last year, committed suicide in his New York City jail cell in August 2019, before his trial.
Reporting by Anirban Sen in Bengaluru; Editing by Saumyadeb Chakrabarty