Leon Black, founder and chief executive of private equity giant Apollo Global Management, is stepping aside after a review found he made larger-than-expected payments to the late Jeffrey Epstein.
The billionaire paid Epstein a total of $158m (£116m) in fees for advice on trust and estate tax planning in the five years to 2017, according to a report by law firm Dechert. This is much more than was previously known.
The amount was “intended to be proportional to the value provided”, according to the report, which added that Mr Black believed Epstein’s advice – vetted by outside lawyers – was worth as much as $2bn in value.
What value was Epstein providing that Deloitte’s wouldn’t?