Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Hedge Fund 3 Degrees Loses Challenge to Regulator’s Order

Feb. 28 (Bloomberg) -- 3 Degrees Asset Management, asked by Singapore’s financial regulator to shutter its operations following allegations that founder Moe Ibrahim diverted assets, lost its legal bid to challenge the order.

The Monetary Authority of Singapore will work with 3 Degrees on the next steps for the withdrawal of its exempt fund manager status, the regulator said today in an e-mailed response to queries.

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 owned by Ibrahim. Withdrawing 3 Degrees’ exempt status would send a “strong message of deterrence’ to others in the industry, the regulator said in court papers earlier.

To contact the reporter on this story: Andrea Tan in Singapore at atan17@bloomberg.net

To contact the editor responsible for this story: Douglas Wong at dwong19@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.