Hedge Fund Sues Indonesian Bank For $70 Million

Feb 23 2012 | 4:59am ET

A hedge fund is demanding a US$70 million payment from an Indonesian bank bailed out by that country's government.

Weston International Investment has begun proceedings against the former Bank Century, arguing that it is "legally responsible for the repayment" of the deposit, it said yesterday. Indonesia is in the process of selling the bank, now known as Bank Mutiara, after pouring 6.7 trillion rupiah (US$735.7 million) into it.

Luxembourg-based Weston is a distressed specialist with some US$1.9 billion in assets under management.


In Depth

Virtu Celebrates Another Year Without a Single Day of Losses

Feb 26 2015 | 9:05am ET

High-frequency trading firm Virtu Financial Inc. reported another year without a...

Lifestyle

Hedge Fund Manager Out as Minnesota Wild Minority Owner

Feb 25 2015 | 2:45pm ET

New York hedge fund manager Philip Falcone is no longer a minority owner of the...

Guest Contributor

Risk: How To Get In Front Of The Problem

Feb 26 2015 | 9:53am ET

In considering the topic of risk in the hedge fund world, specifically, the oversight...

 

Editor's Note