October 10, 2019 / 8:24 AM / 5 days ago

S.Korea regulator says monitors Lime Asset after suspended withdrawals

SEOUL, Oct 10 (Reuters) - South Korea’s financial regulator said on Thursday it is monitoring Lime Asset Management after the hedge fund suspended withdrawals that media reports valued at about $520 million.

Lime, which manages assets worth nearly $4 billion, said on Tuesday it halted withdrawals from some funds because “it takes a long time to liquidate the assets and it may involve high cost”.

The company did not give more details, but media reports on Wednesday estimated the size of the blocked withdrawals at about 620 billion won ($520 million).

“We will keep monitoring Lime’s delay in repayments through the Financial Supervisory Service and will handle it not to cause instability in the markets,” Eun Sung-soo, chairman of the Financial Services Commission, told reporters, referring to the commission’s regulatory agency.

Lime did not immediately respond to a request for comment. ($1=1,195.1200 won) (Reporting by Hayoung Choi, Yena Park; Writing by Ju-min Park; Editing by Clarence Fernandez and Darren Schuettler)

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