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.