Saturday, 25 April 2015
Last updated 15 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…