TOP merchant bank Peregrine Investments yesterday hotly denied handling funds from disgraced South Korean president Roh Tae-woo's US$150 million (HK$1.16 billion) slush fund. It also dismissed claims it was under investigation by South Korean prosecutors. Roh allegedly received bribes from an American defence contractor in 1991 and put the cash in foreign bank accounts. South Korea's national news agency Yonhap reported on Saturday investigators were probing Roh's Hong Kong connections. Peregrine chairman Philip Tose was not available for comment last night. But a statement from the group called the allegations 'totally untrue and wholly groundless'. 'At no time has Peregrine or any of its subsidiaries or associate companies held or managed any funds for Roh Tae-woo or given him any advice or assistance in connection with any such funds. 'Peregrine has not been notified by any representative of the South Korean Government that it has been, is, or may become the subject of an investigation relating in any way to Roh Tae-woo.' The Commercial Crime Bureau in Hong Kong said it was not investigating the merchant bank in connection with the scandals surrounding the former South Korean president.