Och-Ziff May Have Been Breaking The Law All Over Africa

Author:
Updated:
Original:

It’s not just bribery in Gaddafi’s Libya anymore: The hedge fund’s alleged malfeasance on the continent may also have run to corruption in the Congo (Democratic Republic of).

Och-Ziff made two loans totaling $234 million to companies controlled by Israeli mining magnate Dan Gertler, documents reviewed by The Wall Street Journal show. Both loans were routed through offshore companies, the documents show….

Global Witness, an anticorruption organization, has accused Mr. Gertler of gaining control of his Congo assets under opaque circumstances and at steep discounts to their true worth.

Mr. Gertler's Congo deals also have been criticized by Africa Progress Panel, an organization headed by former United Nations Secretary-General Kofi Annan that advocates equitable and sustainable development in Africa….

With the money, Mr. Gertler financed a deal that gave him control of a valuable copper and cobalt mine in southern Congo called Kalukundi, the documents show and Mr. Gertler's spokesman confirms….

Kalukundi was the subject of an ownership dispute at the time. A Congolese court had confiscated majority rights to the mine from Africo Resources Ltd., a publicly traded Canadian company, and awarded them to a Congolese company in proceedings Africo charged were fraudulent.

Och-Ziff Loans Financed Controversial Congo Deals [WSJ]

Related

Y'all got luck with this one. By VariousThe source code of this SVG is valid.This vector image was created with a text editor. (File:Flag of Libya (1951).svg) [Public domain], via Wikimedia Commons

Och-Ziff Knows Its Performance Sucks

So it's gonna cut investors a deal.

By VariousThe source code of this SVG is valid.This vector image was created with a text editor. (File:Flag of Libya (1951).svg) [Public domain], via Wikimedia Commons

In The Future, Och-Ziff Capital Management Will Think Twice About Bribing Foreign Officials

Which would be a marked departure from the hedge fund's previous way of doing business.

This is fun.

Investor Dollars Not Alone In Fleeing Och-Ziff

The hedge fund's compliance and IR people are taking a little breather.

ApocalypseZiff

Things Looking Up At Och-Ziff

By which we mean they are looking less down.

This is fun.

Dan Och May Have Sold His Soul To The Devil

Something’s got to account for Och-Ziff’s escape from its downward spiral.