Business

Apollo Global Management CEO requests board review of his ties to Jeffrey Epstein

Posted October 21, 2020 7:00 a.m. EDT

— The board of private equity firm Apollo Global Management is reviewing ties between its CEO Leon Black and convicted sex offender Jeffrey Epstein, according to an Apollo spokesperson.

Black requested the board's conflict committee review and independently confirm information he provided about his professional relationship with Epstein, according to the spokesperson.

"Mr. Black has previously detailed the nature of that relationship in prior communications and confirmed that Mr. Epstein never did any business with Apollo," the spokesperson said.

Black told the board that an independent review "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," according to the spokesperson.

The review comes after The New York Times reported earlier this month that Black may have paid up to $75 million to Epstein for consulting and other services. The Times cited two unnamed sources with knowledge of the transactions. CNN Business has not independently confirmed the Times report.

The New York Times also reported that Epstein and Black "often socialized and dined together."

Epstein was convicted in 2008 of two state prostitution charges and was found dead in his prison cell after being charged in federal court with child sex trafficking.

Black expressed regret for his dealings with Epstein in a letter sent to investors earlier this month, and which was provided to CNN Business by Apollo.

"None of the reporting in the recent New York Times article is inconsistent in any way with the information I shared with you over a year ago," Black said in the letter. CNN has not obtained that letter Black shared with investors last year.

-- Jazmin Goodwin contributed to this report.

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