Hints and tips:
...Apollo Global Management improperly agreed to pay $570mn to cover the tax bills of its top executives as part of a shake-up aimed at distancing the private equity firm from its scandal-plagued founder Leon...
...Not long after, the woman was asked to return to Odey Asset Management by her temping agency, RMS, and she reported what had occurred....
...GFG Alliance said: “Greensill’s facility expressly permitted Prospective Receivables.”...
...This month, Chemours, a spinout of DuPont, said an investigation revealed that its senior management showed a “lack of transparency” when approached about accounting irregularities....
...Apollo’s accounts receivable department never knowingly, or as a matter of practice, improperly billed any Apollo-managed funds for expenses that should have been accounted for as management company expenses...
...Kent left Zurich in 2020 and went on to become head of credit risk management at GFG Alliance. Kent previously did not reply to a request for comment from the FT....
...Smooth-talking former watermelon farmer Lex Greensill, who enlisted ex-UK prime minister David Cameron as an adviser, used the money in the funds to buy so-called receivables, a form of corporate invoice...
...Blackstone’s credit and insurance division will buy the US credit card receivables from Barclays for an undisclosed sum, and the bank will continue to service the accounts for a fee....
...Near and longer-term operational and financial impact is mitigated by management actions and OEM compensation that has now been secured....
...It also agreed to guarantee an existing “tax receivable agreement”, $294mn worth of payments to Och and a group of early Och-Ziff colleagues, payable over several years....
...This matter was reviewed by executive management and in discussion with the Board it was decided to appoint an external professional services firm (Big Four Accounting Firm) to assist in performing a number...
...Rithm will also separately assume $173mn that Sculptor will be obliged to pay Och and other fund founders over several years under what is known as a tax receivable agreement....
...On Monday, PacWest Bancorp announced it had sold a $2.3bn portfolio of loans to Ares Management for around 90 cents on the dollar in cash, part-financed by Barclays....
...The OSC said Emerge Canada had been calculating its excess working capital by including a “related-party receivable” owed to it by Emerge Capital Management, also known as Emerge US, the sub-adviser to the...
...s Sujeet Indap, Ortenca Aliaj and Antoine Gara explain, the billionaire investor is in line to receive the majority of the $173mn owed to Och and the other founders stemming from something called a tax receivable...
...The sums are listed as “receivables from the manager”....
...About 75 per cent of Apollo’s assets under management are in private credit....
...Smart reads Tax-receivable tiff Court cases allege that private equity giants used obscure tax deals to enrich executives at shareholders’ expense, The Wall Street Journal reports....
...In those transactions, a pool of assets — such as mortgages, credit card receivables or auto loans — are packaged together, with the interest payments funding new slices of debt that are sold on to investors...
...Read more from the coalition of financial institutions representing $6.9tn in assets under management. 5....
...trading, traditional lending and credit-card receivables....
...RM’s assessment arm — which provides online testing services — was similarly disappointing....
...The annual report for 2011 had a chunky £2mn receivable from a company called Amorix, which was controlled by Cupid’s founders....
...But the scandal may prompt banks to increase scrutiny and auditing of the company’s risk management procedures....
...The examiner noted one internal document where management admitted its complete ignorance of its financial positions and obligations....
International Edition