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Sculptor accuses Dan Och of ‘mismanagement’

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Billionaire investor Daniel Oct has been accused of “mismanagement” as his hedge fund firm, then known as Och-Ziff, “deteriorated” forcing his successors to spend years stabilising the Wall Street firm, according to a report by Bloomberg.

The report cites court filings as revealing that lawyers allege that Och’s handling of a 2016 African bribery scandal involving the firm, which subsequently rebranded as Sculptor Capital Management Inc, damaged its business and balance sheet. The court proceedings are part of a legal dispute over whether Och can get access to the firm’s internal files.

Och, who’s is one of Sculptor’s biggest shareholders, wants copies of documents detailing its faltering performance and a decision by directors back in December to award Jimmy Levin, who was appointed as as chief executive last year, more than $145 million in compensation. 

A trial to decide the document access issue is scheduled for  Delaware Chancery Court on 16 December and may lead to further legal proceedings. Och, who co-founded the firm in 1994, and a group of other former executives of the firm, are investigating whether board members violated legal duties by failing to weigh other CEO candidates before appointing Levin or do proper succession planning. 

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