In hot water—indeed, fighting for its very existence—with Singaporean regulators, 3 Degrees Asset Management is blaming its former lawyer.
The US$215 million fund was ordered closed by the Monetary Authority of Singapore last month over a pair of suspect trades that, according to the regulator, were designed to channel money to a company controlled by 3 Degrees founder Mohamed Ibrahim. But, according to the company, it's all a big misunderstanding due to the incompetence—or worse—of 3 Degrees' former general counsel, Ng Wee Chong. Full story
