NEW YORK (TheStreet) -- The arrest of a Gabonese man may result in the disclosure of new details surrounding the long-running foreign corruption scandal allegedly tied to Och-Ziff Capital Management Group (OZM) .

FBI agents in Brooklyn on Tuesday detained Samuel Mebiame, a consultant who worked for a joint venture connected to Och-Ziff, on charges that he paid bribes to foreign officials to receive mineral concessions in about three African countries. Court documents name a "U.S.-based hedge fund" as allegedly being connected, but people close to the matter confirmed that the hedge fund was Och-Ziff, according to the New York Times

Och-Ziff has said that it is the focus of a foreign bribery probe by theDepartment of Justice and the SEC regarding whether it allegedly paid bribes in Zimbabwe, Congo and Libya. The firm said it believes the government could pursue civil and criminal sanctions.

The company's main business will most likely avoid conviction by having an overseas unit plead guilty, according to Bloomberg. Och-Ziff would still have to enter a deferred-prosecution agreement, but it would relieve some of the pressure generated by the nearly five-year long investigation of alleged bribes in Africa. 

Och-Ziff said this month it had set aside $414 million to resolve the investigation, Bloomberg reports. 

Daniel Och, a former Goldman Sachs (GS) executive, founded the New York City-based hedge fund in 1994. It manages pension funds and other institutional investors. 

Shares of Och-Ziff were lower in pre-market trading on Wednesday.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate OCH-ZIFF CAPITAL MGMT LLC as a Sell with a ratings score of D. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, poor profit margins and generally disappointing historical performance in the stock itself.

You can view the full analysis from the report here: OZM

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