3 Degrees Said to Lose Challenge to Regulator’s Order
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3 Degrees Asset Management, asked by Singapore’s central bank to shutter its operations following allegations that founder Moe Ibrahim diverted assets, lost a legal bid to challenge the regulator’s order, according to two people familiar with the decision.
3 Degrees’s application to overturn the decision by the Monetary Authority of Singapore and the finance minister to withdraw its exempt fund manager status was rejected by the Singapore High Court, said the people, who weren’t authorized to speak publicly about the decision. Justice Belinda Ang’s minutes from the Feb. 23 closed hearing aren’t publicly available.