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29 May, 2023
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Apollo CEO investigated over Epstein ties

Purchaser of bad Cypriot debt probed over alleged financial ties to Jeffrey Epstein


The CEO of Apollo Global Management, whose affiliates acquired billions of bad debt in Cyprus, is being investigated over alleged financial ties to Jeffrey Epstein.

According to foreign media, US Virgin Islands authorities are moving to issue subpoenas to art collector Leon Black and some of his companies including private-equity giant Apollo Global Management, seeking to obtain details about their ties to the late accused pedophile financier Jeffrey Epstein.

The subpoenas reportedly seek financial statements and tax returns for Apollo Global Management, an alternative investment manager firm, as well as Black Family Partners, Elysium Management, and additional entities that help manage Black’s vast and valuable art collection.

In summer 2018, Apollo affiliates acquired a €5.7bn NPL portfolio in the Cypriot market, with Apollo Global Management reportedly managing over €250 billion in assets

The authorities specifically have asked Apollo for financial statements and account records going back to 1998, along with any correspondence the firm had with Epstein or his companies, according to reports.

In summer 2018, Apollo affiliates acquired a €5.7bn NPL portfolio in the Cypriot market, with Apollo Global Management carrying out buyouts of distressed entities and reportedly managing over €250 billion in assets worldwide.

It was reported in Cypriot media that the buyout portfolio comprised 14,024 loans to corporate and SME borrowers, secured over 9,065 properties. It was the first NPL disposal by the Bank of Cyprus, with financial experts calling it a significant milestone in improving asset quality through the reduction of NPEs.

The portfolio was set up to be transferred to a licensed Cypriot Credit Acquiring Company owned by the bank with its shares being acquired by certain funds affiliated with Apollo.

The Black investigation began after it emerged that the Apollo CEO had Epstein listed as a director at a charity.

Black has acknowledged receiving advice from Epstein on taxes, estate planning, and philanthropy but denied doing any business with him and said he was “completely unaware” of the sex-trafficking charges against the money manager who died in prison last year.

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