Tuesday, 29 July 2014
Last updated 14 hours ago
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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…