Och-Ziff Falls After Disclosing Sovereign-Related Probe - Bloomberg

Och-Ziff Falls After Disclosing Sovereign-Related Probe - Bloomberg:



"Och-Ziff Capital Management Group LLC (OZM), the hedge-fund firm run by Daniel Och, fell after saying U.S. regulators are investigating whether it broke bribery laws in accepting an investment from a sovereign wealth fund.



Och-Ziff received subpoenas starting in 2011 from the U.S. Securities and Exchange Commission as part of a probe into possible violations of the Foreign Corrupt Practices Act, the New York-based company said in a regulatory filing yesterday. The Justice Department has requested information from Och-Ziff as part of the same investigation, according to the filing. Its shares fell the most in more than a month.



The sovereign fund referenced by Och-Ziff in its filing is the Libyan Investment Authority, according to a person with knowledge of the matter who asked not to be identified because they weren’t authorized to speak publicly. Regulators have been investigating how the LIA made investment decisions before the toppling of Muammar Qaddafi’s regime in 2011."



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