Ex-Och-Ziff Exec. Wins In Singapore Real-Estate Case

Nov 15 2011 | 10:08am ET

Former Och-Ziff Capital Management executive Zain Fancy's legal battles are at (or nearing) an end.

Fancy has both ended his joint-venture with Och-Ziff and won damages from his former real-estate lawyers. In the latter case, Fancy accused Tan Peng Chin and its real-estate head, Gwendoline Ong, of failing to tell him that he had to pay the seller of a Singapore bungalow a deposit directly, causing the deal to collapse. But although Fancy sought both damages and the S$10 million difference in value between what he agreed to pay for the house and its current valuation, the Singapore court awarded him just S$2.27 million in addition to the S$184,000 Tan Peng paid Fancy in February after accepting it made an error.

"He's sad that it had to come to this, but he did suffer a loss because of the failed transaction," Monica Chong, Fancy's lawyer, said. "He's glad that the court has recognized this by awarding substantial damages.

Separately, Fancy said that he and Och-Ziff "mutually agreed to end" the Asian joint venture at the heart of their dispute. Fancy had sued Och-Ziff, accusing it of breach of partnership agreement and wrongful termination in his firing last year. Fancy had joined the hedge fund in 2008 as founder and head of its Asian real-estate fund, but Och-Ziff said he had failed to mention a pending criminal investigation into alleged corruption at Morgan Stanley.

Neither Och-Ziff nor Fancy would comment on the lawsuit.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of