Friday, 1 July 2016
Last updated 5 hours ago
Apr 17 2013 | 11:50am ET
The co-founders of Hachiman Capital Management split two years ago and shuttered the Asia-focused hedge fund. But according to one of them, the story does not end there.
Toru Ueda last month sued Yashwant Bajaj in Singapore, alleging that his former partner violated their separation agreement. According to Ueda, who now works at HFC Advisory Group, he and Bajaj agreed that each would not withdraw more than their stakes in Hachiman, and that they would each be responsible for losses they incurred, rather than the firm itself.
Ueda says Bajaj violated both of those provisions, moving US$458,965 from Hachiman to his new hedge fund, Juggernaut Capital Management, without Ueda's consent, and failing to account for a trading loss of US$247,197.
Bajaj has not yet filed his formal defense, but wrote in court papers that Ueda's claims "are wholly without basis."
Ueda is seeking at least US$365,400 from Bajaj.