Two units of New York hedge fund Och-Ziff Capital Management Group LLC are being sued by ex-employee, Zain Fancy, in Singapore reported Bloomberg this wee
Two units of New York hedge fund Och-Ziff Capital Management Group LLC are being sued by ex-employee, Zain Fancy, in Singapore reported Bloomberg this week, claiming that the firm owed him USD7.9million in pay and stock holdings. Fancy joined Och-Ziff to set up Och-Ziff Real Estate Singapore Pte but was later dismissed for acting in bad faith by not fully disclosing his involvement in a probe by the US Department of Justice and SEC into alleged corruption at Morgan Stanley according to court papers. At the time Fancy was the US bank’s head of its real estate business in Asia. Fancy, in his lawsuit filed with the Singapore High Court, said that Och-Ziff had no basis for firing him last October. He isn’t aware of his status in the investigation according to the court papers. He claims to be owed USD1million in wages and USD6.9million in stock. Och-Ziff’s CFO, Joel Frank, said in the firm’s filing that Fancy’s involvement in the pending investigation had prevented the parties from raising third-party capital for the venture and that his actions had resulted in “a breach of trust”. The second unit being sued is Och-Ziff in London with Fancy claiming breach of a partnership agreement. As they deal with the London lawsuit, Och-Ziff are believed to be seeking a court order to delay proceedings in Singapore.
