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Why is Blackstone paying millions in fees to an ex-dealmaker's firm? - Business Insider

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Inside the tangled web of fees and investments between Blackstone, its ex-dealmaker Chinh Chu, and his ultrawealthy business partner Bill Foley

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In 2017, Chinh Chu, a former Blackstone senior managing director, joined his business partner Bill Foley in an unusual deal that enriched Chu's former employer and that has earned the ultrawealthy men more than $12 million in fees. Now the deal is attracting scrutiny from lawyers and experts in the field. A corporate-governance specialist described the arrangement as an apparent conflict of interest, while a UC Berkeley law professor called the fees a "kickback." A shareholder in Delaware state court went further, alleging that a company co-owned by Chu and Foley "knowingly participated in breaches of fiduciary duty.

 

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