Monday, 30 March 2015
Last updated 2 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…