Apollo sued over $881m tax payout to top executives

New York | Apollo Global Management improperly agreed to pay $US570 million ($881 million) 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 Black, according to a shareholder lawsuit filed on Wednesday.

The dispute casts a spotlight on a series of hasty governance reforms aimed at improving Apollo’s public image amid a fundraising crisis caused by Mr Black’s messy departure in March 2021.

Financial Times