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Bloomberg
Lime Asset Management Co, the firm at the centre of a scandal that sparked unprecedented withdrawals from South Korean hedge funds, now faces an investigation into its investment in a troubled US fund.
A senior official at the Financial Supervisory Service said South Korea’s top financial watchdog will ask prosecutors to probe Lime’s investment in funds run by International Investment Group LLC. The US Securities and Exchange Commission last month revoked IIG’s registration, accusing the New York-based investment adviser of hiding losses and selling at least $60 million in fake loan assets to clients.
Lime Asset, Korea’s largest hedge fund with about $3.7 billion under management, halted redemptions from some of its funds in October as it couldn’t return cash fast.