Och-Ziff, Libya SWF Dealings Under Investigation

Mar 19 2014 | 10:58am ET

Och-Ziff Capital Management warned yesterday that it is facing a criminal investigation over its relationship with Libya’s sovereign wealth fund.

The hedge fund giant disclosed the Justice Department probe in its restated financials. Och-Ziff said it also remains subject to a civil probe by the Securities and Exchange Commission.

According to a report last month in The Wall Street Journal, Och-Ziff is among a number of prominent financial firms under investigation for alleged bribery at the Libyan fund. Others facing scrutiny include Blackstone Group, Goldman Sachs and JPMorgan Chase.

The Och-Ziff investigation “concerns an investment by a foreign sovereign wealth fund in some Och-Ziff funds in 2007 and investments by some of the funds, both directly and indirectly, in a number of companies in Africa,” the hedge fund said. It is “unable to determine how the investigation will conclude” and warned that an “adverse outcome could have a material effect” on it.

Och-Ziff added that it is cooperating with “a number of ongoing regulatory investigations and examinations.”

The hedge fund said it received its first requests for information from the Justice Department in 2011.


In Depth

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

Compelling Opportunities In The Alternatives Space

Jul 29 2014 | 9:33am ET

In an environment where many asset classes seem expensive by historical standards...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    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…

Publisher's Note