Hong Kong-based hedge fund Senrigan Capital is suing Thailand’s Charoen Pokphand Group over the compensation it says it is owed as a shareholder in Siam Makro, a Thai retailer that CP is acquiring.
The dispute revolves around the appropriate exchange rate between the baht and the dollar. If the investors prevail, it could raise CP’s transaction costs by millions of dollars.
The dispute is one of many complications materialising across the region as the dollar strengthens dramatically against emerging market currencies – a surge that few companies in Asia anticipated and fewer still had hedged themselves against.
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