Tue, Mar 19, 2024
A A A
Welcome Guest
Free Trial RSS pod
Get FREE trial access to our award winning publications
Alternative Market Briefing

HK administrators complete payments to investors in Tiger Asia hedge fund restitution

Wednesday, May 25, 2016

Komfie Manalo, Opalesque Asia:

The court appointed administrators have completed the process of returning $43.7m to more than 1,500 investors affected by the insider dealing of Hong Kong hedge fund Tiger Asia Management LLC and two of its senior officers, Bill Hwang and Raymond Park, the Securities and Futures Commission (SFC) said.

In a statement, the SFC said that the payments were made under restoration orders made by the court following admissions of insider dealing and manipulation by the Tiger Asia parties in December 2013

A total of $43,708,828 or 97% out of the restoration fund $45,266,610 has been paid out to 1,591 local and overseas investors. The SFC and the administrators have taken all reasonable steps to contact the remaining 209 investors with no success. The remaining sum of $1,408,487 was returned to the Tiger Asia parties with the approval of the court.

The purpose of the restoration orders is to make insider traders financially accountable to those with whom they trade and to restore those counterparties to the financial position they were in before the transactions.

SFC starts insider trading and false misconduct trial against Tiger Asia

In December 2013, the SFC has commenced proceedings ......................

To view our full article Click here

Previous Opalesque Exclusives                                  
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1