05 Feb '13, 1pm

Singapore High Court Moe Ibrahim diverted $6.7 million to himself #Singapore #Hedgefund #scam @BloombergNews @JFLMOE

3 Degrees Asset Management, asked by Singapore ’s central bank to shutter its operations following allegations that founder Moe Ibrahim diverted assets, lost a legal bid to challenge the regulator’s order, according to two people familiar with the decision. 3 Degrees’s application to overturn the decision by the Monetary Authority of Singapore and the finance minister to withdraw its exempt fund manager status was rejected by the Singapore High Court, said the people, who weren’t authorized to speak publicly about the decision. Justice Belinda Ang’s minutes from the Feb. 23 closed hearing aren’t publicly available. The Monetary Authority probed Singapore-based 3 Degrees after one of its funds sued Indonesian-born Agus Anwar in 2008 to recover at least $40 million of debt. Anwar then claimed that Ibrahim diverted $6.7 million from the fund to 3 Degrees, which is wholly owne...

Full article: http://www.bloomberg.com/news/2012-02-24/hedge-fund-3-deg...

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