The case centres around an $18 million loan for the purchase of a yacht Mark Lennihan/APA London-based hedge fund tycoon has been charged with fraud over an alleged scheme to defraud a charitable foundation in an African mining deal. Michael Cohen ran the London arm of Och-Ziff, the US fund, and led a flurry of adventurous dealmaking in the African resources sector when rising commodity prices had sparked a dash for raw materials in the continent. The US Department of Justice has accused him of failing to disclose to an Och-Ziff investor that he had a financial interest in an acquisition of shares in an African mining company. The seller of the shares allegedly owed Mr Cohen $18 million for the purchase of a yacht. Some $4 million of the share proceeds were returned to Mr Cohen to repay the…

Source: The Times January 04, 2018 00:02 UTC