Hong Kong regulator freezes hedge fund assets

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The Hong Kong Securities and Futures Commission (SFC) said on Tuesday that she had a procedure against 11 defendants linked to Descartes Athena Fund SPC, a hedge fund that the regulator is investigating for allegedly falsifying accounts after the liquidation of the Fund . The SFC said after an urgent application in the High Court by the SFC on Monday, the court appointed two administrators. It also granted an injunction order freezing the assets of up to $ 90.6 million in relation to two unnamed individuals. "The SFC's urgent action was prompted by concerns that client monies were at risk of dissipation," the SFC said in a statement. The administrators will appreciate the business, records and accounts, the SFC said, and the case back in court on 19 May. Comments Please login to post comments or replies.