Singapore Regulator To Work With 3 Degrees On Demise

Feb 28 2012 | 5:33am ET

It's the end of the road for 3 Degrees Asset Management.

The Monetary Authority of Singapore will begin to work with the doomed hedge fund on the withdrawal of its exempt fund manager status, according to Bloomberg News. The regulator last year ordered 3 Degrees to close and last week defeated the hedge fund's appeal of that order.

MAS said it would work with 3 Degrees on the next steps for the withdrawal.

The regulator last year found 3 Degrees to have improperly channeled money into a company controlled by founder Mohammed Ibrahim. MAS began its investigation after 3 Degrees sued Agus Anwar to recover at least US$40 million in debt. Anwar then accused Ibrahim of diverting US$6.7 million to 3 Degrees. What's more, 3 Degrees' former lawyer, who has been sued by the hedge fund, told MAS that the two loans in question were connected and that Ibrahim wanted no paper trail for them.

3 Degrees said it had done nothing "illegal or improper" in structuring the loan from one of its funds.

MAS originally ordered 3 Degrees to close its doors on Nov. 9, but the hedge fund asked the Singapore High Court to overturn that decision. The court declined to do so, accepting MAS' argument that closing the US$215 million firm would send a "strong message of deterrence."


In Depth

Q&A: Pantheon’s McCrary Says Private Equity Market ‘Robust’

Dec 17 2014 | 8:32am ET

Dennis McCrary is a partner at Pantheon, a private equity firm with $32.2 billion...

Lifestyle

Cohen Donates $1.5M To GOP Governors Association

Dec 10 2014 | 7:13am ET

The Republican Governors Association raised close to $25 million from October 1...

Guest Contributor

Q&A With Daniel Gallancy: Institutional Interest In Bitcoin Is Growing Steadily

Dec 12 2014 | 7:54am ET

Daniel Gallancy is founder and CEO of SolidX, a provider of total return swaps for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.