A heated argument between Passport Capital, a $2bn (€1.3bn) US hedge fund, and an Asian property fund has broken out in public, after Passport called publicly for directors on the property fund to be deposed and for cash to be returned to investors.

Passport Capital called for an extraordinary general meeting to be convened by JSM Indochina, a listed fund that invests in southeast Asian property. Passport issued a public statement on Tuesday, which is attached below. JSM Indochina is expected to issue a public response to the letter tomorrow, according to a source familiar with the fund.