Och-Ziff Capital Management fell as much as 10% in the three weeks since it was reported that the New York-based hedge fund firm helped finance controversial oil and mining deals in Africa.
Bloomberg reported that Och-Ziff fell nearly 10% on Monday--the firm’s largest intraday decline since April 7.
The article added that the Wall Street Journal first reported that Och-Ziff made two loans totaling $234 million to companies controlled by Israeli billionaire Dan Gertler, which were then transferred to offshore companies that helped finance two of Gertler’s ventures in the Democratic Republic of Congo.
Och-Ziff stated in a March 19 filing with the U.S. Securities and Exchange Commission that it received subpoenas starting in 2011 from the regular as part of a probe into possible violations of the Foreign Corrupt Practices Act.
Founded in 1994, Och-Ziff has additional offices in London, Hong Kong, Mumbai, Beijing and Dubai. The firm had a profitable 2013 as it increased its assets under management to $40.6 billion from $31.9 billion about a year ago.