UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G/A*
(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)

(Amendment No. 1)*

North Asia Investment Corporation
(Name of Issuer)

ORDINARY SHARES, US$.0001 PAR VALUE PER SHARE
(Title of Class of Securities)

G66202105
(CUSIP Number)

December 31, 2009
(Date of event which requires filing of this statement)

Check the appropriate box to designate the rule pursuant to which this
Schedule 13G/A is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)

(Page 1 of 7 Pages)

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). 

CUSIP No. G66202105 13G/A Page 2 of 7 Pages

----------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO.
 OF ABOVE PERSONS (ENTITIES ONLY)
 Arrowgrass Capital Partners (US) LP
-----------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
 (a) [X]
 (b) [ ]
-----------------------------------------------------------------------------
 (3) SEC USE ONLY
-----------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION
 Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
 -0-
SHARES --------------------------------------------------------------

BENEFICIALLY (6) SHARED VOTING POWER
 437,900
OWNED BY --------------------------------------------------------------

EACH (7) SOLE DISPOSITIVE POWER
 -0-
REPORTING --------------------------------------------------------------

PERSON WITH (8) SHARED DISPOSITIVE POWER
 437,900
-----------------------------------------------------------------------------
 (9) AGGREGATE AMOUNT BENEFICIALLY OWNED
 BY EACH REPORTING PERSON
 437,900
-----------------------------------------------------------------------------
 (10) CHECK BOX IF THE AGGREGATE AMOUNT
 IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
 (11) PERCENT OF CLASS REPRESENTED
 BY AMOUNT IN ROW (9)
 7.0%
-----------------------------------------------------------------------------
 (12) TYPE OF REPORTING PERSON **
 PN
-----------------------------------------------------------------------------
 ** SEE INSTRUCTIONS BEFORE FILLING OUT!


CUSIP No. G66202105 13G/A Page 3 of 7 Pages

----------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO.
 OF ABOVE PERSONS (ENTITIES ONLY)
 Arrowgrass Capital Services (US) Inc.
-----------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
 (a) [X]
 (b) [ ]
-----------------------------------------------------------------------------
 (3) SEC USE ONLY
-----------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION
 Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
 -0-
SHARES --------------------------------------------------------------

BENEFICIALLY (6) SHARED VOTING POWER
 437,900
OWNED BY --------------------------------------------------------------

EACH (7) SOLE DISPOSITIVE POWER
 -0-
REPORTING --------------------------------------------------------------

PERSON WITH (8) SHARED DISPOSITIVE POWER
 437,900
-----------------------------------------------------------------------------
 (9) AGGREGATE AMOUNT BENEFICIALLY OWNED
 BY EACH REPORTING PERSON
 437,900
-----------------------------------------------------------------------------
 (10) CHECK BOX IF THE AGGREGATE AMOUNT
 IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
 (11) PERCENT OF CLASS REPRESENTED
 BY AMOUNT IN ROW (9)
 7.0%
-----------------------------------------------------------------------------
 (12) TYPE OF REPORTING PERSON **
 CO
-----------------------------------------------------------------------------
 ** SEE INSTRUCTIONS BEFORE FILLING OUT!


CUSIP No. G66202105 13G/A Page 4 of 7 Pages

Item 1(a). Name of Issuer:

 The name of the issuer is North Asia Investment Corporation (the
"Company").

Item 1(b). Address of Issuer's Principal Executive Offices:

 The Company's principal executive offices are located at Jongro Tower
18F, 6 Jongro 2-ga, Jongro-gu, Seoul, Korea.

Item 2(a). Name of Person Filing:

 This statement is filed by:
 (i) Arrowgrass Capital Partners (US) LP, a Delaware limited
 partnership ("ACP"), with respect to the Common Stock
 directly owned by it; and
 (ii) Arrowgrass Capital Services (US) Inc., a Delaware corporation
 ("ACS"), with respect to the Common Stock directly owned by ACP.

 The foregoing persons are hereinafter sometimes collectively referred
to as the "Reporting Persons." Any disclosures herein with respect to persons
other than the Reporting Persons are made on information and belief after making
inquiry to the appropriate party.

Item 2(b). Address of Principal Business Office or, if None, Residence:

 The address of the business office of each of the Reporting Persons is
245 Park Avenue, New York, New York 10167.

Item 2(c). Citizenship:

 ACP is a limited partnership organized under the laws of the State of
Delaware. ACS is a corporation organized under the laws of the State of
Delaware.

Item 2(d). Title of Class of Securities:

 ORDINARY SHARES, US$.0001 PAR VALUE PER SHARE (the "Common Stock").


CUSIP No. G66202105 13G/A Page 5 of 7 Pages

Item 2(e). CUSIP Number:

 G66202105

Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is a:

 (a) [ ] Broker or dealer registered under Section 15 of the Act,

 (b) [ ] Bank as defined in Section 3(a)(6) of the Act,

 (c) [ ] Insurance Company as defined in Section 3(a)(19) of the
 Act,

 (d) [ ] Investment Company registered under Section 8 of the
 Investment Company Act of 1940,

 (e) [ ] Investment Adviser registered under Section 203 of the
 Investment Advisers Act of 1940,

 (f) [ ] Employee Benefit Plan or Endowment Fund in accordance
 with 13d-1 (b)(1)(ii)(F),

 (g) [ ] Parent Holding Company or control person in accordance
 with Rule 13d-1 (b)(ii)(G),

 (h) [ ] Savings Associations as defined in Section 3(b) of the
 Federal Deposit Insurance Act,

 (i) [ ] Church Plan that is excluded from the definition of an
 investment company under Section 3(c)(14) of the Investment
 Company Act of 1940,

 (j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

 If this statement is filed pursuant to 13d-1(c), check this box: [x]


Item 4. Ownership.

 A. Arrowgrass Capital Partners (US) LP
 (a) Amount beneficially owned: 437,900
 (b) Percent of class: 7.0%. The percentages used herein and in
 the rest of this Schedule 13G/A are calculated based upon the
 6,250,000 shares of Common Stock issued and outstanding as of
 June 30, 2009 as reported in the Form 20-F filed by the
 Company on December 24, 2009.
 (c)(i) Sole power to vote or direct the vote: -0-
 (ii) Shared power to vote or direct the vote: 437,900
 (iii) Sole power to dispose or direct the disposition: -0-
 (iv) Shared power to dispose or direct the disposition: 437,900


CUSIP No. G66202105 13G/A Page 6 of 7 Pages


 B. Arrowgrass Capital Services (US) Inc.
 (a) Amount beneficially owned: 437,900
 (b) Percent of class: 7.0%
 (c)(i) Sole power to vote or direct the vote: -0-
 (ii) Shared power to vote or direct the vote: 437,900
 (iii) Sole power to dispose or direct the disposition: -0-
 (iv) Shared power to dispose or direct the disposition: 437,900


Item 5. Ownership of Five Percent or Less of a Class.

 Not applicable.


Item 6. Ownership of More than Five Percent on Behalf of Another Person.

 ACS serves as the general partner of ACP. As such, it has the power to
direct the affairs of ACP, including decisions with respect to the disposition
of the proceeds from the sale of the shares of Common Stock.


Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company.

 Not applicable.


Item 8. Identification and Classification of Members of the Group.

 Not applicable.


Item 9. Notice of Dissolution of Group.

 Not applicable.


Item 10. Certification.

 Each of the Reporting Persons hereby makes the following certification:

 By signing below each Reporting Person certifies that, to the best of
its knowledge and belief, the securities referred to above were not acquired and
are not held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and are not
held in connection with or as a participant in any transaction having that
purpose or effect.


CUSIP No. G66202105 13G/A Page 7 of 7 Pages


SIGNATURES

After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.


DATED: February 12, 2010

 Arrowgrass Capital Partners (US) LP

 By: Arrowgrass Capital Services (US) Inc.,
 its General Partner

 /s/ Sean Flynn
 ----------------------
 Name: Sean Flynn
 Title: Director


 Arrowgrass Capital Services (US) Inc.

 /s/ Sean Flynn
 ----------------------
 Name: Sean Flynn
 Title: Director

North Asia Investment Corp. (AMEX:NHR)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more North Asia Investment Corp. Charts.
North Asia Investment Corp. (AMEX:NHR)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more North Asia Investment Corp. Charts.