Vijay Sethu is the founding chief executive officer of CapAsia. Sethu had filed a case against Johan Bastin, his successor at the Rohatyn Group owned private equity company in Singapore. Sethu had claimed Bastin impugned him by saying he had been front-running a deal.
Sethu had been seeking undisclosed damages for defamation. The CapAsia executive had also filed a restraining order against Bastin to stop him from making further comments. This was according to the lawsuit filed in a high court in Singapore. On the other hand, Bastin had denied the allegations.
Bastin told three sources that Sethu had bought the debt personally and had recommended to a company where he sat as a board member. The said recommended company of Sethu had funds invested by CapAsia, according to a court filing. As a result, Bastin suggested that Sethu traded with advance knowledge about the deal. This was otherwise known as front running, which is both unethical and illegal.
A pre-trial hearing was set to start today.
CapAsia has USD400 million assets under its management, according to its website. The private equity firm is owned by New York based Rohatyn Group.
Join the Conversation