>>> TradeGate Pre-Market Indications

  • DAX:
    • SAP (SAP TH) +2%
    • Infineon (IFX TH) +1.6%
      • Watch Chip Stocks as Qualcomm Forecast Blows Past Estimates
    • BMW (BMW TH) +1.1%
    • Fresenius SE (FRE TH) +1%
    • VW (VOW3 TH) +0.9%
    • Munich Re (MUV2 TH) +0.1%
      • Munich Re 3Q Gross Written Premiums Beats Estimates
    • Delivery Hero (DHER TH) -1.2%
    MDAX:
    • ProSieben (PSM TH) +6%
      • ProSieben’s Quarterly Sales Beats Estimates on Ad Rebound
    • Duerr (DUE TH) +3.7%
      • Duerr 3Q Sales Meet Estimates; Confirms FY Guidance
    • CompuGroup Medical SE & (COP TH) +3.1%
      • CompuGroup Medical SE & 3Q Adjusted Ebitda Beats Estimates
    • Software AG (SOW TH) +2.5%
    • Bechtle (BC8 TH) +2.4%
    • Evotec SE (EVT TH) -0.7%
    SDAX:
    • S&T (SANT TH) +6.4%
      • S&T 3Q Ebitda EU31.7M
    • Nordex (NDX1 TH) +4.2%
    • Borussia Dortmund (BVB TH) +3.9%
    • Salzgitter (SZG TH) +3.4%
      • Salzgitter Raised to Buy at Bankhaus Metzler; PT 22 euros
    • LPKF (LPK TH) +3.3%
    • Global Fashion Group (GFG TH) +3.1%
    • Tele Columbus (TC1 TH) -0.7%

>>> Stoxx 600 Pre-Market Indications

  • ProSieben (PSM TH) +5.2%
    • ProSieben’s Quarterly Sales Beats Estimates on Ad Rebound
  • SocGen (SGE TH) +3.5%
    • SocGen Rebounds From Losing Streak With Equities Trading Gains
  • Dialog Semi (DLG TH) +2.9%
  • AMS (DQW1 TH) +2.3%
  • SAP (SAP TH) +2%
  • Bechtle (BC8 TH) +1.8%
  • ASML (ASME TH) +1.6%
  • Infineon (IFX TH) +1.6%
    • Watch Chip Stocks as Qualcomm Forecast Blows Past Estimates (1)
  • Eurofins Scientific (ESF TH) +1.5%
  • Lufthansa (LHA TH) -0.7%
    • Lufthansa Bleeding Cash With Flights Stunted by Lockdowns
  • United Internet (UTDI TH) -0.7%
  • Shell (R6C TH) -0.8%
    • Shell’s 2020 Virus Earnings Pressure to Ease Slightly Near Term
  • CTS Eventim (EVD TH) -0.8%
  • AstraZeneca (ZEG TH) -1%
    • AstraZeneca 3Q Core EPS Misses Estimates
  • Aegon (AEND TH) -1.1%
  • Adyen (1N8 TH) -1.1%
  • Ryanair (RY4C TH) -1.6%
  • Bakkafrost (6BF TH) -1.6%
  • NEL (D7G TH) -2.5%
    • NEL 3Q Revenue Misses Estimates

FT : EV supply chains seek clearer visibility with blockchain

EV supply chains seek clearer visibility with blockchain
Automakers are harnessing verification tools to underpin ‘ethical choice’ claims

When Volvo Cars wanted to verify whether materials in its batteries were sourced ethically, its managers visited the Democratic Republic of Congo, the world’s leading producer of cobalt, where some mines use child workers, according to organisations such as Unicef and Amnesty International.

“We had to make sure sites were protected, workers got the right safety gear, and there were no children,” says Martina Buchhauser, Volvo Cars’ head of procurement. “What we were missing was a technological way of tracing back and making sure that cannot be fiddled around after the fact.”

But what was once a near-impossible task — tracking the materials and individual components in auto supply lines through multiple providers — is now becoming easier with blockchain.

Volvo is using the technology to track the supply of cobalt on its journey from the mine through suppliers and into the car itself. The carmaker recently invested in Circulor, a blockchain provider, to track a wider range of minerals.


When Volvo Cars wanted to verify whether materials in its batteries were sourced ethically, its managers visited the Democratic Republic of Congo, the world’s leading producer of cobalt, where some mines use child workers, according to organisations such as Unicef and Amnesty International.

“We had to make sure sites were protected, workers got the right safety gear, and there were no children,” says Martina Buchhauser, Volvo Cars’ head of procurement. “What we were missing was a technological way of tracing back and making sure that cannot be fiddled around after the fact.”

But what was once a near-impossible task — tracking the materials and individual components in auto supply lines through multiple providers — is now becoming easier with blockchain.

Volvo is using the technology to track the supply of cobalt on its journey from the mine through suppliers and into the car itself. The carmaker recently invested in Circulor, a blockchain provider, to track a wider range of minerals.


© Per-Anders Pettersson/Getty Images
Blockchain allows the business to track parts as they flow through its supply chain without the need for physical checks at every stage. Ms Buchhauser says Volvo has already axed at least one supplier from its network for non-compliance exposed by the technology.

It will also expand its monitoring to heavy components in order to reduce CO2 emissions throughout its network. All of these changes need suppliers to get on board with the technology.

“When we first started reaching out [to suppliers], we made it clear that responsible sourcing is a big piece of what we do,” she says.

“It was a bit funny, because after we explained [the technology] to them, they said: ‘Oh, you really mean this’.”

The rise of electric vehicles, for which numbers remain global numbers remain small yet are growing on the back of emissions targets across Europe and China, is changing the way carmakers view their often disparate network of suppliers.

Minerals such as cobalt and mica, sourced primarily from the DRC, raise the stakes for any group wanting to sell battery cars as an “ethical” choice.

“There is a widespread admission among electric vehicle producers that the current state of play is not adequate,” says Doug Parr, chief scientist at Greenpeace in the UK.

He cites the example of how a public outcry over the deforestation associated with the production of palm oil prompted food businesses to change practices to become more ethical.

“Transparency is an important starting point. It’s not an end in itself, but it’s an essential component of getting to the right place,” he says. “For a mass electrification of transport, it will need to be a lot better than it currently is, both from an environmental and a human rights perspective.”

But as carmakers seek greater oversight of their sourcing, particularly those buried in the depths of networks that cross the world, they are reaching a natural ceiling for the amount they can realistically monitor.

“You cannot know everything, it would be chaos,” says Ian Harnett, who in July retired as head of procurement at Jaguar Land Rover, the carmaker.

“I would love to know everything all the way, but I’d need an army of people, supercomputers, and the first time a fifth-tier supplier changed, my data is out.”

Despite that, the company has considered working with Circulor to help it track products, Mr Hartnett told an FT virtual summit this summer.

Yet while carmakers have grappled with the complexity of their supply lines long before electric technology came in, the move towards battery vehicles makes their job easier.

While the engine of a VW Golf contains 113 moving parts, the equivalent section of an electric Chevrolet Bolt has three, according to a teardown of both models by UBS, the Swiss financial group.

As new types of companies, such as battery makers, enter the system, businesses specialising in parts for traditional engines risk being cast out unless they adapt to new technology.

Thorsten Muschal, president of Clepa, which represents automotive suppliers in Europe, says the changes are far wider than simply the long-term phase-out of traditional engine makers.

“It’s not only about the ones in combustion engines, there are changes in interiors, digitalisation, new technology fields, needing to find components for the batteries, every part of the car needs electric features, and there are sensors,” he says.

“There are a lot of new things coming up on the supply side. There’s a real transformation happening.”

>>> Europe : Brokers Upgrades & Downgrades - 5th of November 202

>>> Up
* Airbus Raised to Hold at Nord/LB; PT 63 euros
* Amadeus PT Raised to 67 euros from 57 euros at Morgan Stanley
* Bpost PT Raised to 12 euros from 10 euros at Jefferies
* Cyfrowy Raised to Buy at Wood & Company; PT 30.60 zloty
* Fresenius SE Raised to Buy at Nord/LB; PT 40 euros
* Glaxo Raised to Hold at Shore Capital
* ISS Raised to Buy at SEB Equities; PT 125 kroner
* LPP Raised to Buy at HSBC; PT 7,560 zloty
* Segro Raised to Hold at Peel Hunt
* Tritax Big Box Raised to Add at Peel Hunt

>>> Down
* Coats Cut to Hold at HSBC; PT 62 pence

>>> Initiation
* Hensoldt Rated New Buy at Citi; PT 15 euros
* Siemens Energy Rated New Buy at SocGen; PT 26 euros
* Watches of Switzerland Rated New Buy at Jefferies; PT 470 pence

>>> Call
* Hensoldt to Benefit From Growth in German Defense Spending: Citi
* Watches of Switzerland Has Further Upside Scope: Jefferies

>>> What to look at today - 5th of November 2020

Asian stocks pushed toward the highest since February 2018, led by technology and health-care firms, as investors sought out defensive sectors and backed away from bets on a massive economic stimulus package.
Gains across Asia Pacific trading were broad based and Hong Kong outperformed, while U.S. equity futures climbed and Nasdaq contracts extended Wednesday’s surge after the American election failed to produce a clear Democratic sweep as some had expected.
The reduced likelihood of a multitrillion-dollar package meant a continued bid for Treasuries, with yields extending losses into Thursday. The offshore yuan pared some of its overnight strength. Gauges of volatility from equities to Treasuries and currencies declined.
US After Hours UPWK +18.1%, QCOM +13%, EXPE +5.8%, MTCH +3.3% up on earnings; PING -9.1%, ELF -8.5%, FROG -4%, PAYC -3.9% on downside

Nikkei +1.73% Hang Seng +2.62% CSI +1.45% Shanghai +1.26% Shenzen +1.62%

Eur$ 1.1738 CNH 6.6347 CNY 6.6418 JPY 104.43 GBP 1.2950 CHF 0.9112 RUB 77.9985 TRY 8.4722 WTI$ 38.39 -1.92%

S&P +0.65% Nasdaq +1.42% EuroStoxx +0.19% FTSE +0.29% Dax +0.25% SMI +0.22

Macro :
- EU, U.K. Warn of Big Disagreements After Intensive Brexit Talks
- U.S. PREVIEW: Fed Eyes Bounded Fiscal Stimulus After Blue Ripple
- Switzerland fourth quarter Consumer Confidence -12.8

Keep an eye on :
- AIR FP : Germany Moves Closer to $6.4 Billion Eurofighter Purchase: DPA
- AKE NO : Aker 3Q Net Asset Value Per Share NOK417 Vs. NOK461 Q/q
- AOX GY : Alstria Office Maintains FY Revenue About EU179M, Est. EU175.9M
- ANDR AV : Andritz 3Q Net Income Beats Estimates
- AAPL US : Apple Is Said to Face Shortages in Power Chips for iPhone 12
- MT NA : ArcelorMittal Shifts Focus to Returns After Hitting Debt Target
- AKE FP : Arkema 3Q Sales Beat Estimates; Sees 4Q Sales Decline of ~7% y/y
- AZN LN : AstraZeneca Covid Vaccine to Start China Trial by Yr-End:Jiemian
- BAMNB NA : BAM 9M Adjusted Pretax Loss EU81.8M Vs. Profit EU20.5M Y/y
- BPE IM : BPER Banca 3Q Net Income Beats Estimates
- BOBNN SW : Bobst Sees FY Sales About CHF1.3B, Est. CHF1.29B
- BWNG LN : Retailer N Brown Plans GBP100M Equity Offering: Sky News
- CAV1V FH : Caverion 3Q Adjusted Ebitda Misses Estimates
- CGG FP : CGG 3Q Segment Ebitdas Misses Est., Confirms Guidance (Nov. 4)
- COFB BB : Cofinimmo to Spend ~EU250m on German Projects for Schoenes Leben
- CBK GY : Commerzbank Revenue Misses Estimates, Warns on Pandemic Impact
- CBK GY : Commerzbank Boosts FY Common Equity Tier 1 Ratio Forecast
- COP GY : CompuGroup Medical SE & 3Q Adjusted Ebitda Beats Estimates
- DLG GY : Dialog Semi 4Q Revenue Forecast Beats Estimates
- DUE GY : Duerr 3Q Sales Meet Estimates; Confirms FY Guidance
- DUFN SW : Dufry's Profitability, Credit Position Faces Uncertain Recovery
- FGR FP : Eiffage 3Q Sales Meet Estimates
- ELE SM : Endesa 9M Ebitda EU3.14B
- ENX FP : Euronext Oct. Total Cash Market Transaction Value M/M -6%
- GBLB BB : GBL 9M Cash Profit EU395M
- G1A GY : GEA 2022 Margin Target Within Reach as Restructuring Pays Off
- GMAB DC : Genmab Keeps FY Revenue, Operating Income Forecasts
- HEI GY : HeidelbergCement 9M Rev. -7.9%; Sees 2020 RCOBD Above Prior Year
- HEXAB SS : Hexagon to Acquire U.S.-Based PAS Global; No Price Disclosed
- KOJAMO FH : Kojamo 3Q Revenue Misses Estimates
- LXS GY : Lanxess Narrows FY Adjusted Ebitda Forecast
- LR FP : Legrand 9M Adj. Op. Profit Down 15.7%; Sees 4Q LFL Rev. Decrease
- LOOMIS SS : Loomis Board Proposes Dividend of SEK 5.50/Share
- LHA GY : Lufthansa 3Q Revenue EU2.66b, Est. EU3.35b, Lufthansa Bleeding Cash With Flights Stunted by Lockdowns
- MONT BB : Montea 9M Adjusted EPS EU2.66 Vs. EU2.45 Y/y
- MUV2 GY : Munich Re 3Q Gross Written Premiums Beats Estimates
- NG/ LN : U.K. Grid Issues Power Warning for Second Day as Margins Shrink
- NEL NO : NEL 3Q Revenue Misses Estimates
- NEOE FP : Neoen to Build 300 MW Victorian Big Battery in Australia
- NWO GY : New Work SE Maintains FY Revenue EU275M to EU285M
- NEX FP : Nexans Narrows FY Ebitda Forecast
- NOS PL : NOS 3Q Net Income Falls 8% on Lower Roaming, Cinema Revenue
- PARG SW : Pargesa Sees FY Dividend Per Share CHF2.50
- PARG SW : Pargesa 3Q Net Assets CHF8.38B
- PRS NO : Prosafe 3Q Net Loss $24.2M
- PSM GY : ProSieben’s Quarterly Sales Beats Estimates on Ad Rebound
- QIA GY :
- RNK LN : Rank Group Plans Share Placing: Sky News
- RECIB SS : Recipharm 3Q Ebitda SEK420M
- SANT GY : S&T 3Q Ebitda EU31.7M
- SBRY LN : Sainsbury’s to Announce Plans to Cut 3,000 Jobs Thursday: Times
- SAE GY : Shop Apotheke Sees FY Adjusted Ebitda Margin 2%, Saw 1% to 2%
- SESG FP : SES Maintains FY Adjusted Ebitda EU1.12B to EU1.16B
- SWECB SS : Sweco 3:1 Share Split to Be Carried Out Nov. 10
- SGRE SM : Siemens Gamesa Sees 2021 Sales EU10.2B to EU11.2B, Est. EU10.72B
- SIFG NA : SIF 3Q Ebitda EU5.8M Vs. EU1.8M Y/y
- SKAB SS : Skanska 3Q Operating Profit Beats Estimates
- SPIE FP : Spie 3Q Ebita EU96.4M
- GLE FP : Societe Generale Posts First Quarterly Profit of the Year
- GLE FP : SocGen Rebounds From Losing Streak With Equities Trading Gains
- SOLB BB : Solvay Sees FY Free Cash Flow From Continuing Ops About EU900M
- SRCG SW : Sunrise 3Q Revenue Beats Estimates
- TEN IM : Tenaris 3Q Net Sales Beat Estimates
- UMI BB : Lithium Stocks Rise After Albemarle Year Guidance Beat Estimates
- UCG IM : UniCredit 3Q Net Income Beats Estimates
- UCG IM : UniCredit Profit Beats Estimates as Mustier Keeps Provisions Low
- VATN SW : Valiant 9M Profit CHF87.6M
- VIE FP : Veolia Quarterly Profit Gains on Cost Cuts, Rebound in Sales
- DG FP : Vinci Wins Sydney Motorway Contract Worth A$1.5b
- VOLVB SS : Volvo Launches Range of Electric Trucks Starting in Europe in 2021
- WIE AV : Wienerberger 3Q Net Income Beats Estimates

FT : Volvo to sell first fully-electric heavy-duty truck

Volvo to sell first fully-electric heavy-duty truck
Swedish company aims to show battery power possible for biggest commercial vehicles

Volvo Group is set to become the first manufacturer to offer a fully-electric heavy-duty truck for sale as the Swedish group aims to show battery power is possible for the biggest commercial vehicles.

The world’s second-largest truckmaker announced on Thursday that electric heavy-duty trucks with a range of up to 300km would go on sale next year and enter production in 2022 as Volvo pushes for half its truck sales in Europe to be battery powered by the end of the decade.

“It’s important to go from nice statements to real action — this is one really big step in this direction,” Jessica Sandstrom, head of product and vehicle sales at Volvo Trucks, told the Financial Times.

Volvo first started with electrification with a hybrid bus in 2008 and last year started production of electric medium-duty trucks up to 26 tonnes in weight, used mostly in city deliveries and refuse collection.

It is now pushing into electric versions of all types of its heavy-duty trucks, which are up to 44 tonnes, and already has the first two construction battery-powered vehicles — a concrete mixer and a hooklift truck — in testing with Swedish building supplier Swerock.

Much of the focus on cutting emissions in transport has centred on passenger cars, but truck manufacturers are upping their game, too. Volvo is aiming for all its trucks to be fossil-free by 2040.

Roger Alm, president of Volvo Trucks, said he expected Volvo to take market share in electric trucks in spite of a number of start-ups such as Sweden’s Einride and the controversial US group Nikola entering the sector.

He added that Volvo wanted the total cost of ownership of an electric truck, which includes not just the vehicle but operational costs such as fuel, financing and second-hand value, to be “as comparable as possible” to diesel trucks.

That suggests electric trucks will cost more, but owners will hope to recoup most of that through cheaper fuel costs.

“We hope that society is prepared to pay more for deliveries done with climate-friendly trucks,” he said, adding that such vehicles would help Volvo’s customers reach their own sustainability goals.

The electric heavy-duty trucks that will go on sale next year will be for regional transport and urban construction, but not cross-country deliveries.

Customers will be able to customise their trucks on Volvo’s modular platforms depending on how much range they want and how often they will need to charge their batteries.

Ms Sandstrom said Volvo would “stretch electric as far as we can”, but conceded that it would be difficult to use it for very long distance trucks and the heaviest vehicles. Volvo this week finalised a fuel cell joint venture with the world’s largest truck manufacturer, Germany’s Daimler.

She added that fuel cells or bio-liquefied natural gas could be possible solutions for those trucks, but the precise set-up would depend on discussions with politicians about the infrastructure. “Having a truck and the service around it, isn’t going to be enough. It’s about having a whole ecosystem around it,” she said.

WWD : Meet Sethunya, Louis Vuitton’s 549-Carat, Ultra-clear Diamond

Meet Sethunya, Louis Vuitton’s 549-Carat, Ultra-clear Diamond
The brand also joined with Lucara Diamond and HB Antwerp to design and polish one of a kind rough diamonds for its clients.
The Sethunya diamond
Louis Vuitton / Philippe Lacombe

LONDON — Louis Vuitton has scored another exceptional diamond, less than a year after the discovery of the 1,758-carat, black-coated Sewelô rough diamond.
Although smaller in size, the 549-carat Sethunya, which means “flower” in the Setswana language and nods to Louis Vuitton’s emblematic Monogram flower, is “a remarkable, exceptionally pure, high-color, white gem diamond,” according to Ayesha Hira, vice president of corporate development and strategy at Lucara Diamond, the company that mined both stones for Vuitton in Botswana.
According to Vuitton, the Sethunya was identified on Feb. 1 by a “conscientious, normally quiet” diamond sorter, “who screamed with joy” when she discovered it in an area dedicated to rescuing large, carbon-rich specimens. It is estimated to be between 1 billion and 2 billion years old.


As with the Sewelô, Vuitton has joined with Lucara Diamond and HB Antwerp to design and polish Sethunya for Louis Vuitton clients.
Lucara Diamond specializes in large diamonds sourced from its own mine in Botswana and is the owner of Clara Diamond Solutions, a sales platform that aims to modernize the existing diamond supply chain. HB Antwerp is a diamond supply chain and manufacturing company focused on using technology to bring simplicity and transparency to a typically complex supply chain.

Michael Burke, chairman and chief executive officer of Louis Vuitton, said many of its high-jewelry clients have shown a keen interest in unique diamonds and he cited increased demand for bespoke and one-of-a-kind creations.
“The Sethunya is an exceptional rough diamond, and we are extremely proud to have the opportunity to offer it to them. And so, renewing our collaboration with Lucara and HB Antwerp — the best in their fields — was a natural step that reflects our values of innovation, surprise, and the disruption of the status quo,” Burke said.
The Sethunya diamond Louis Vuitton / Philippe Lacombe
Rafael Papismedov, cofounder of HB Antwerp, called the Sethunya one of the most amazing rough diamonds he has ever encountered.
“What’s so exciting about the stone is that it’s completely opposite to the Sowetô, which is a stone that’s more of an enigma than anything else, while the Sethunya is the ultimate diamond — the whitest and clearest diamond. It’s like an iceberg. You look through it, you see everything,” he said.
Vuitton said the client will be involved in the creative process of plotting, cutting and polishing, becoming part of the story that the stone will carry with it into history.
The diamond will be traced through HB Antwerp’s closed-circle technologies, with full transparency, from its exact origins in Lucara’s Karowe mine, as it passes from expert cutters in Antwerp to Louis Vuitton’s artisan-jewelers in their Paris workshops.
Margaux Donckier, HB Antwerp’s head of communication, added that “today’s consumers are increasingly aware of the origin of products, under what conditions products were manufactured, and how often they were flown around the world before arriving at their destination.”
“With the closed-circle system of HB Antwerp, consumers will get a very clear and transparent answer to all these questions, while keeping the carbon footprint to an absolute minimum,” she said.

Reuters - Mexico demands explanation from French designer Isabel Marant over ind

Mexico demands explanation from French designer Isabel Marant over indigenous designs

MEXICO CITY (Reuters) - Mexico’s culture ministry on Wednesday questioned French fashion designer Isabel Marant’s use of patterns from indigenous Mexican communities, marking the government’s latest complaint over high-fashion brands appropriating local styles.

According to the ministry, Marant’s latest collection, including a long cape with stripes and starburst designs in gray and brown hues, includes elements from the Purepecha people of Mexico’s Michoacan state.

“I ask you, Ms. Isabel Marant, to publicly explain on what grounds you privatize a collective property ... and how its use benefits the creator communities,” Culture Minister Alejandra Frausto said in a letter to the designer.

“Some symbols that you took have a deep meaning for this culture,” Frausto said, urging protection for the artisans who have historically been “invisible.”

Marant’s company, Isabel Marant, did not immediately respond to a request for comment. The brand’s website says it is committed to ethical and responsible behavior.

In 2015, the company was similarly accused of incorporating designs from Mexico’s southern state of Oaxaca.

Last year, Mexico called out Venezuela-born designer Carolina Herrera and French fashion house Louis Vuitton for using traditional patterns in their designs, without regard for the people who first brought them to life.

WSJ : Bribery Victims Prevail in Restitution Claim Against Hedge Fund

A federal judge approved a restitution payment of more than $138 million to investors in a Congolese mine, bringing to a close a yearslong legal battle over their status as victims of a bribery scheme by hedge fund Sculptor Capital Management Inc.

Final approval for the restitution came Wednesday at a sentencing hearing presided over by District Judge Nicholas Garaufis. The payment is expected to be divided among more than 300 former investors.

The sentencing dispels a cloud of uncertainty that has hung over Sculptor’s 2016 settlement with the U.S. Justice Department over bribery schemes prosecutors said the fund orchestrated in Libya and the Democratic Republic of Congo

A federal judge approved a restitution payment of more than $138 million to investors in a Congolese mine, bringing to a close a yearslong legal battle over their status as victims of a bribery scheme by hedge fund Sculptor Capital Management Inc.

Final approval for the restitution came Wednesday at a sentencing hearing presided over by District Judge Nicholas Garaufis. The payment is expected to be divided among more than 300 former investors.

The sentencing dispels a cloud of uncertainty that has hung over Sculptor’s 2016 settlement with the U.S. Justice Department over bribery schemes prosecutors said the fund orchestrated in Libya and the Democratic Republic of Congo.

The fund, then called Och-Ziff Capital Management Group, agreed to pay a $213 million penalty to settle charges it had conspired to violate the U.S. Foreign Corrupt Practices Act. But finalizing the settlement was thrown into limbo by the restitution claims.

The investors, who remain mostly anonymous, are former equity holders of Canadian mining company Africo Resources Ltd., which held shares in a copper mine located in the Democratic Republic of Congo that played a central role in the bribery scheme.

Africo lost control of the mine after Israeli businessman Dan Gertler paid millions of dollars in bribes using funds from an investment by Och-Ziff to influence a legal dispute over the mine’s ownership, according to federal prosecutors. Mr. Gertler has denied accusations of wrongdoing in the Democratic Republic of Congo.

Shortly after the announcement of the Sculptor settlement in 2016, a group of Africo investors represented by law firm Wilson Sonsini Goodrich & Rosati sent a letter to Judge Garaufis arguing that they qualified as victims under the Mandatory Restitution Act of 1996.

The judge in 2019 issued a ruling agreeing with the investors, and asked the parties to weigh in on how the restitution should be calculated. The investors and Sculptor eventually agreed to pay $136 million to the victims represented by Wilson Sonsini.

The restitution agreement kicked off a final scramble to find any remaining Africo investors who may be entitled to a payment. The Justice Department this week said it had identified an additional 133 victims who will be paid a total of more than $2 million based on the amount of their losses as a result of the bribery scheme.