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Defunct Peregrine wins court case

Defunct Peregrine wins court case

(Hong Kong) - The territory's High Court has ruled that the George Soros-controlled SFM Advisory Holdings, the Asian Development Bank and several other groups conspired to strip Peregrine Investment Holdings of the true value of its stake in a company which manages the US$780 million Asian Infrastructure Fund (AIF). Investment bank Peregrine, the owner of Peregrine Investment Holdings, collapsed in January 1998 but now stands to recover significant damages after the court found that fund managers divided up the bank's 31.5 percent AIF stake at "negligible cost" to "further their own interest."

The Peregrine AIF stake was transferred for only US$3150 when the bank collapsed.

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