Lifestyle

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

Part II: Roubini Talks Risk, Recovery And The Threat Of A Triple Dip Recession

Oct 21 2014 | 12:41pm ET

In the second half of our interview with Nouriel Roubini, FINalternatives editor...

Lifestyle

Balyasny Pays Over $6M For Lakefront House

Oct 22 2014 | 10:29am ET

A venture headed by hedge fund manager Dmitry Balyasny just paid $6.2 million for...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

Deeply flawed risk benchmark

Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.