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Billionaire Dan Och is investigated for bribery in DR Congo

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Avatar of RouTe
  • Total posts : 1878
  • Joined : 31 May 2014
  Post link 30 September 2016, 17:40
The Little Black Book of Billionaire Secrets. Billionaire Dan Och's Hedge Fund Firm Plunges Amid Bribery Settlement Talks

Billionaire Dan Och's investigated for bribery in DR Congo

Billionaire Dan Och’s hedge fund firm’s deals in Africa are turning into one of the more damaging scandals to hit a big name hedge fund firm in recent years.

The Wall Street Journal reported that U.S. federal prosecutors want Och-Ziff Capital Management to plead guilty to resolve a Foreign Corrupt Practices Act investigation of the hedge fund firm’s deals in Africa. In addition, the Journal reported the Securities & Exchange Commission is seeking $400 million in penalties.

Daniel Och, chief executive officer of Och-Ziff Capital Management Group LLC, Photographer: Rick Maiman/Bloomberg

Shares of Och-Ziff Capital Management plunged by as much as 23.9% on Tuesday and changed hands for $2.89, their lowest level ever. The stock has fallen by 76% in the last 12 months.



With $42 billion under management, Och-Ziff is one of the nation’s biggest hedge fund firms and the only major hedge fund firm in America that is publicly traded. Och has for years tried to sell investors on the idea that he has built a steady and large money management firm with funds that seek strong risk-adjusted returns.

Och took his hedge fund firm public in 2007, pricing his firm’s shares at $32 apiece. At the time, it seemed that Och was trailblazing a path for other hedge fund managers to conduct IPOs, but his firm’s experience has instead served as a warning to the kind of things that can go wrong.

Federal prosecutors are investigating whether Och-Ziff secured an investment from Moammar Gadhafi’s Libya sovereign wealth fund using a bribe. The firm is also under investigation for improperly funneling money to members of the regime of President Joseph Kabila’s government in the Democratic Republic of Congo as part of mining investments. The Wall Street Journal reported that the dealings under investigation were handled out of Och-Ziff’s London office by Michael Cohen and that the firm’s lawyers, who are seeking lighter penalties, are arguing they were not known at most other levels of the firm.



Apr 12, 2016 @ 11:25 AM Nathan Vardi ,
Forbes Staff


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Topic edited 1 times, last edit by RouTe, 30 September 2016, 17:48  

You Lie Because You Are Scared
 
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  Post link 02 October 2016, 22:32
The Och-Ziff Files: Who are the Congolese who benefitted?

This week, big news from the financial world. Och-Ziff, a leading New York hedge fund that at its height managed $48 billion, has been fined $413 million for over $100 million in bribes it paid to government officials in Libya, Guinea, Chad, Niger, and the DR Congo. Yes, that seems a paltry fine given the abuse involved and how much it affected the countries involved––its CEO Daniel Och, who is worth several billion dollars, will pay a mere $2,2 million, and no one except a consultant will face jail time for now.

The story is huge for several reasons: It is a rare occasion the US government is enforcing the Foreign Corrupt Practices Act for corruption in the Congo, and it is a huge blow to one of the behemoths of the hedge fund world. It is also the first time, to my knowledge, that we have a solid paper trail proving that the senior Congolese officials, including the Congolese president himself, were direct beneficiaries of over $100 million in bribes from foreign companies.

As part of their deal with the US Justice Department, Och-Ziff provided a public plea of guilt (aka “deferred prosecution agreement.”) You can read it here (please, read it). It include Hollywood-ready details of how Och-Ziff dealt with Congolese officials. It features three protagonists: DRC Partner, DRC Official 1 and DRC Official 2 and says they both received millions in bribes from Och-Ziff. For reasons that will become obvious, you can substitute those names with Dan Gertler, Joseph Kabila, and Katumba Mwanke.

The Och-Ziff Files: Who are the Congolese who benefitted?
President Kabila greeting Dan Gertler at Katumba Mwanke’s funeral in 2012

Here’s an example of the detail of the document. In 2008, when Dan Gertler was trying to wrest control of a mining concession from Africo, a Canadian firm, one of Gertler’s associates texted him:

Hi [DRC Partner], im with the main lawyer … in the Africo story, he has to arrange with supreme court, attorney gemal [sic] and magistrates, he wants 500 to give to all the officials and 600 for 3 lawyers cabinets that worked on the file in defense[lawyer]and batonnier [lawyer]. the converstaion is vey tough. (while talking I said to ask money to [one of the Akam shareholders], [the Akam shareholder]said he .cant because most of the money has to go to ·[DRC Official 2] . . . i dont know ifhe wants to provoke me or itwas something [the Akam shareholder]invented … ) but they are now at 1, 1 in total.

He’s talking about about thousands of dollars.

Shortly afterward, Gertler responds: “We can’t‘accept a mid result … Africo must be screwd and finished totally!!!!“

All in all, the legal document says that Gertler transferred $23,5 million of Och-Ziff’s money to Katumba Mwanke between 2008 and 2012, and $10,75 million to a person who is most likely Joseph Kabila. Bloomberg reported that Gertler (“DRC Partner”) paid a total of over $100 million in bribes to Congolese officials.

How do I know that those are the people involved?

Bloomberg’s article clearly identifies Gertler through other sources familiar with the case, and the document itself is fairly clear: “an Israeli businessman [with] significant interests in the diamond and mineral mining industries in the Democratic Republic of the Congo.”

It says that “DRC Official 2,” was “a senior official in the DRC and close advisor to DRC Official 1. Since at least 2004, DRC Official 2 was an Ambassador-at-Large for the DRC government and also a national parliamentarian.” It goes on to say, citing an Och-Ziff employee, that he was Gertler’s “guy in the DRC.” Finally, it says he died on February 12, 2012. There is no doubt that is Katumba Mwanke.

As for DRC Official 1, it says that Katumba was his closest aide and advisor. When Katumba died, Gertler sent a text message to an Och-Ziff employee saying: “I’m fine …sad but fine … I will have to help [DRC Official 1] much more now…tomorrow the burial will take· place.” Again, I cannot imagine that being anyone but Kabila––Katumba was not an aide to anyone else in the Congolese government during this time. In private, US government officials have confirmed this to me.

CRG · Sep 30, 2016
Topic edited 1 times, last edit by RouTe, 02 October 2016, 22:33  

You Lie Because You Are Scared
 
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