New York Post

Ferry Korn-ered

DiNapoli knocks headhuntin­g hire

- By KEVIN DUGAN

State Comptrolle­r Thomas DiNapoli blamed a prominent headhunter for hiring a pension manager tied to allegation­s he used bribes to fund his sex, drugs and rock ’n’ roll lifestyle.

DiNapoli also pointed the finger at pension officials for ignoring red flags before bringing him on board, according to a report released Wednesday.

Korn Ferry, the largest headhuntin­g firm in the world, failed to catch that Navnoor Kang was fired from his last job in 2013 as a bond trader at Guggenheim Partners for allegedly accepting bribes and breaking more than 50 ethical and compliance rules, according to the report.

How Kang, 37, got his job at the New York State pension in the first place has so far been an unanswered question in the scandal, which has cost pensioners potentiall­y millions in lost gains and fees.

Kang was arrested in December 2016 for alleg- edly steering billions of dollars of business to two traders in exchange for hookers, piles of cocaine, and VIP tickets to a Paul McCartney concert, according to the indictment last year.

In 2014, the New York State pension fund, which has about $178.6 billion in assets, needed someone to run a $50 billion bond portfolio, and turned to Korn Ferry to help it f ill the position.

The pension fund had trouble filling the role be- cause it paid far less than what a trader could make at a private firm, and because the position was located in Albany, the report said.

Kang lied to Korn Ferry, saying that he was laid off — an excuse the firm found “plausible,” according to the report.

The report says the headhunter almost never receives damaging informatio­n during its reference checks.

A Korn Ferry spokespers­on didn’t return an e-mail seeking comment.

Newspapers in English

Newspapers from United States