Elliott Takes On Vietnam

Dec 13 2011 | 2:23am ET

Add Vietnam to the list of countries on Elliott Associates' legal hitlist.

The New York-based hedge fund filed suit against the Southeast Asian country's state-owned shipbuilder, Vinashin, over that company's default one year ago on a US$600 million syndicated loan. Elliott, which sued Vinashin in the U.K. last month, has not shied away from suing national governments or state-owned companies, having tussled with Argentina, the Republic of Congo and Peru.

In its latest sovereign fight, Elliott is seeking full value, where Vinashin is offering about 35 cents on the dollar. Last year, Vinashin's CEO and other top managers were arrested, accused of mishandling its finances.

Elliott calculates its investment and interest at $13.2 million.

According to the hedge fund, the Vietnamese government backed the Vinashin debt, a guarantee that led Standard & Poor's to rate the loan on a level with Vietnam's sovereign debt. But Vietnam has since said that the shipbuilder's debts are not its responsibility.

Since 2000, Elliott won a legal battle against the Peruvian government and a settlement with the Republic of Congo. It is still battling Argentina over that country's 2002 default.


In Depth

Change In 'Accredited Investor' Definition Could Hurt Crowdfunding Space

Jul 25 2014 | 8:14am ET

The Securities and Exchange Commission is considering changes to its 30-year-old...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note