NHR North Asia Investment Corp.

CUSIP No. G66202105 13D Page 2 of 11 Pages
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 (1) NAME OF REPORTING PERSONS

 Arrowgrass Capital Partners (US) LP
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 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)
 (a) [ ]
 (b) [X]
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 (3) SEC USE ONLY

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 (4) SOURCE OF FUNDS (see instructions) OO
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 (5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
 REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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 (6) CITIZENSHIP OR PLACE OF ORGANIZATION
 Delaware
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NUMBER OF (7) SOLE VOTING POWER
 -0-
SHARES ______________________________________________________________

BENEFICIALLY (8) SHARED VOTING POWER
 619,100 ordinary shares
OWNED BY ______________________________________________________________

EACH (9) SOLE DISPOSITIVE POWER
 -0-
REPORTING ______________________________________________________________

PERSON WITH (10) SHARED DISPOSITIVE POWER
 619,100 ordinary shares
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 (11) AGGREGATE AMOUNT BENEFICIALLY OWNED
 BY EACH REPORTING PERSON
 619,100 ordinary shares
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 (12) CHECK BOX IF THE AGGREGATE AMOUNT
 IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) [ ]
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 (13) PERCENT OF CLASS REPRESENTED
 BY AMOUNT IN ROW (11)
 9.9%
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 (14) TYPE OF REPORTING PERSON (see instructions)
 PN
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CUSIP No. G66202105 13D Page 3 of 11 Pages

 (1) NAME OF REPORTING PERSONS

 Arrowgrass Capital Services (US) Inc.
------------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)
 (a) [ ]
 (b) [X]
------------------------------------------------------------------------------
 (3) SEC USE ONLY

------------------------------------------------------------------------------
 (4) SOURCE OF FUNDS (see instructions) OO
------------------------------------------------------------------------------
 (5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
 REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
------------------------------------------------------------------------------
 (6) CITIZENSHIP OR PLACE OF ORGANIZATION
 Delaware
------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
 -0-
SHARES ______________________________________________________________

BENEFICIALLY (8) SHARED VOTING POWER
 619,100 ordinary shares
OWNED BY ______________________________________________________________

EACH (9) SOLE DISPOSITIVE POWER
 -0-
REPORTING ______________________________________________________________

PERSON WITH (10) SHARED DISPOSITIVE POWER
 619,100 ordinary shares
------------------------------------------------------------------------------
 (11) AGGREGATE AMOUNT BENEFICIALLY OWNED
 BY EACH REPORTING PERSON
 619,100 ordinary shares
------------------------------------------------------------------------------
 (12) CHECK BOX IF THE AGGREGATE AMOUNT
 IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) [ ]
------------------------------------------------------------------------------
 (13) PERCENT OF CLASS REPRESENTED
 BY AMOUNT IN ROW (11)
 9.9%
------------------------------------------------------------------------------
 (14) TYPE OF REPORTING PERSON (see instructions)
 CO
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CUSIP No. G66202105 13D Page 4 of 11 Pages

Item 1. Security and Issuer.

 This statement relates to the ordinary shares, par value $0.0001 per
share (the "Shares"), of North Asia Investment Corporation, a Cayman Islands
corporation (the "Company"). The Company's principal executive offices are
located at Jongro Tower 18F, 6 Jongro 2-ga, Jongro-gu, Seoul, Korea.


Item 2. Identity and Background.

 (a) This Statement is filed by:

 (i) Arrowgrass Capital Partners (US) LP ("ACP"), with respect
to the Shares directly held by Arrowgrass Master Fund Ltd., a Cayman Islands
exempted company ("AMF"). ACP serves as the investment manager of AMF; and

 (ii) Arrowgrass Capital Services (US) Inc. ("ACS"), which is
the General Partner of ACP, with respect to the Shares beneficially 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.

 (b) The address of the principal business and principal office of ACP and
ACS is 245 Park Avenue, 39th Floor, New York, New York 10167.

 (c) The principal business of each of the Reporting Persons is the
management of investment funds and activities related thereto.

 (d) None of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).

 (e) None of the Reporting Persons has, during the last five years, been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and, as a result of such proceeding, was, or is subject to, a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, Federal or State securities laws or finding
any violation with respect to such laws.

 (f) ACP is a Delaware limited partnership. ACS is a Delaware corporation.

Schedule A attached hereto sets forth the information required by Instruction C
of the instructions to Schedule 13D.


Item 3. Source and Amount of Funds and Other Consideration.

The Shares purchased by AMF were acquired with working capital in open market
transactions at an aggregate cost (excluding commissions, if any) of
approximately $6,000,000.

CUSIP No. G66202105 13D Page 5 of 11 Pages


Item 4. Purpose of the Transaction.

 The Shares reported herein by the Reporting Persons were acquired for
investment purposes in the ordinary course of business.

 Except as set forth herein or as would occur upon completion of any of
the actions discussed herein, including in any Exhibits hereto, the Reporting
Persons have no present plan or proposal that would relate to or result in any
of the matters set forth in subparagraphs (a)-(j) of Item 4 of Schedule 13D.

 The Company was organized for the purpose of acquiring, through a
merger, capital stock exchange, asset acquisition or other similar business
combination, an operating business (a "Business Combination"). The Company
consummated an initial public offering in July 2009 in connection with which it
raised gross proceeds of approximately $50 million, a significant portion of
which was placed in a trust account pending the consummation of a Business
Combination on or prior to July 29, 2010. Pursuant to certain provisions in the
Company's certificate of incorporation, as amended, a holder of Shares of the
Company issued in the Company's initial public offering may, if it votes against
the Business Combination, demand that the Company redeem its Shares into cash
(the "Conversion Rights"). A Business Combination will not be consummated if the
holders of more than 40% of the Shares vote against the Business Combination and
request Conversion Rights. On January 14, 2010, the Company announced it had
entered into an agreement for a proposed Business Combination (the "Proposed
Business Combination").

 On April 13, 2010, AMF entered into an Option Purchase Agreement (the
"Option Agreement") which is referenced as Exhibit 1 hereto with Malibu Capital
Partners, LLC, a California limited liability company ("Malibu"). Pursuant to
the terms of the Option Agreement, AMF granted to Malibu an option to purchase
from AMF all (but not less than all) of the Shares of AMF reported herein. The
option expires on or prior to the earlier to occur of (i) the date the Company
liquidates its trust account or (ii) the unilateral decision of Malibu to
terminate that is communicated to AMF in writing. If Malibu exercises its
Option, AMF is required to sell the Shares to Malibu and Malibu is required to
purchase the Shares from AMF at a price per share equal to that certain pro rata
portion of the Company's trust account per share due to its public stockholders
as set forth in the Company's final definitive proxy statement filed with the
U.S. Securities and Exchange Commission in connection with the Proposed Business
Combination. In the Option Agreement AMF agreed to vote its Shares against the
Proposed Business Combination. Upon exercise of the option by Malibu, AMF agreed
to (i) withdraw and revoke its exercise of Conversion Rights and (ii) vote in
favor of, or abstain from voting upon, the Proposed Business Combination unless
otherwise directed by Malibu.

CUSIP No. G66202105 13D Page 6 of 11 Pages

 The summary of the Option Agreement is not complete, and is qualified
in its entirety by reference to the text of the agreement, which is referenced
as Exhibit 1 to this Schedule 13D.

 The entering into the Option Agreement may result in the Reporting
Persons being deemed a "group" with Malibu and certain of its affiliates (the
"Malibu Reporting Persons") within the meaning of Section 13(d) of the Act.
Although the Reporting Persons and the Malibu Reporting Persons may be deemed to
be a "group" with each other within the meaning of Section 13(d) of the Act, the
Reporting Persons do not believe that they are part of a group with the Malibu
Reporting Persons and expressly disclaim membership in any "group" with the
Malibu Reporting Persons. According to Amendment No. 1 to the Schedule 13D filed
by the Malibu Reporting Persons on April 16, 2010, the Malibu Reporting Persons
beneficially own 1,652,905 Shares, representing approximately 26.4% of the
outstanding Shares (the "Malibu Position"). The Malibu Position includes the
619,100 Shares beneficially owned by the Reporting Persons as reported herein.
The Reporting Persons expressly disclaim beneficial ownership of any additional
Shares that may be deemed to be beneficially owned by the Malibu Reporting
Persons.


 Item 5. Interest in Securities of the Issuer.

 A. Arrowgrass Capital Partners (US) LP

 (a) As of the date hereof, ACP may be deemed the beneficial owner of
 the 619,100 Shares held by AMF.

 Percentage: Approximately 9.9% as of the date hereof.
 The percentages used herein and in the rest of the
 Schedule 13D are calculated based upon 6,250,000
 Shares outstanding, which reflects the number of
 Shares outstanding, as of June 30, 2009, as reported
 in the Company's Form 20-F filed on December 24,
 2009.

 (b) 1. Sole power to vote or direct vote: 0
 2. Shared power to vote or direct vote: See item (a) above.
 3. Sole power to dispose or direct the disposition: 0
 4. Shared power to dispose or direct the
 disposition: See item (a) above.

 (c) The transactions in the Shares within the last sixty days on
 behalf of AMF, which were all in the open market unless otherwise
 noted, are set forth in Schedule B, and are incorporated herein
 by reference.

 (d) No person other than the Reporting Persons is known to have the
 right to receive, or the power to direct the receipt of dividends
 from, or proceeds from the sale of, such shares of the Shares.

 (e) Not applicable.

CUSIP No. G66202105 13D Page 7 of 11 Pages

 B. Arrowgrass Capital Services (US) Inc.

 (a) As of the date hereof, ACS, as the General Partner of ACP, may be
 deemed the beneficial owner of the 619,100 Shares held by AMF.

 Percentage: Approximately 9.9% as of the date hereof.

 (b) 1. Sole power to vote or direct vote: 0
 2. Shared power to vote or direct vote: See item (a) above.
 3. Sole power to dispose or direct the disposition: 0
 4. Shared power to dispose or direct the
 disposition: See item (a) above.

 (c) The transactions in the Shares within the last sixty days on
 behalf of AMF, which were all in the open market unless otherwise
 noted, are set forth in Schedule B, and are incorporated herein
 by reference.

 (d) No person other than the Reporting Persons is known to have the
 right to receive, or the power to direct the receipt of dividends
 from, or proceeds from the sale of, such shares of the Shares.

 (e) Not applicable.

Item 6. Contracts, Arrangements, Understandings or
 Relationships with Respect to Securities of the Issuer.

 Other than the Option Agreement, which is incorporated by reference to
Exhibit No. 2 to Amendment No. 1 to the Schedule 13D filed by the Malibu
Reporting Persons on April 16, 2010, and for which the Malibu Reporting Persons
are requesting Confidential Treatment with respect to certain portions thereof,
and the Joint Filing Agreement attached as Exhibit 2 hereto, there are no
contracts, arrangements, understandings or relationships (legal or otherwise)
among the persons named in Item 2 hereof and between such persons and any person
with respect to any securities of the Company, including but not limited to
transfer or voting of any other securities, finder's fees, joint ventures, loan
or option arrangements, puts or calls, guarantees of profits, divisions of
profits or loss, or the giving or withholding of proxies.

CUSIP No. G66202105 13D Page 8 of 11 Pages


Item 7. Materials to be Filed as Exhibits.

Exhibit 1: Option Purchase Agreement dated April 13, 2010 by and among the
parties named on the signature pages thereto (incorporated by reference to
Exhibit No. 2 to Amendment No. 1 to the Schedule 13D filed by the Malibu
Reporting Persons on April 16, 2010).

Exhibit 2: Joint Filing Agreement as required by Rule 13d-1(k)(1) under the Act.

CUSIP No. G66202105 13D Page 9 of 11 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: April 22, 2010

ARROWGRASS CAPITAL PARTNERS (US) LP ARROWGRASS CAPITAL SERVICES (US) INC.



By: Arrowgrass Capital Services (US) By: /s/ Sean Flynn
Inc., its General Partner --------------------------------------
 Name: Sean Flynn
 Title Director
By: /s/ Sean Flynn
-------------------------------------
Name: Sean Flynn
Title Director

CUSIP No. G66202105 13D Page 10 of 11 Pages

 Schedule A

 DIRECTORS AND EXECUTIVE OFFICERS OF CERTAIN REPORTING PERSONS

 The following sets forth the name, position, address, principal
occupation and citizenship of each director and executive officer of the
applicable Reporting Persons (the "Instruction C Persons"). To the best of the
Reporting Persons' knowledge, (i) none of the Instruction C Persons during the
last five years has been convicted in a criminal proceeding (excluding traffic
violations or other similar misdemeanors) or been a party to a civil proceeding
of a judicial or administrative body of competent jurisdiction and as a result
of such proceeding was or is subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or mandating activities subject
to, federal or state securities laws or finding any violation with respect to
such laws and (ii) none of the Instruction C Persons owns any Shares or is party
to any contract or agreement as would require disclosure in this Schedule 13D.

ARROWGRASS CAPITAL SERVICES (US) INC.

Sean Flynn serves as director of ACS. His business address is PO Box 242, Grand
Cayman, KY1-1104 Cayman Islands. His principal occupation is serving as Director
- HF Fund Services Ltd, at PO Box 242, Grand Cayman, KY1-1104 Cayman Islands.
Mr. Flynn is a citizen of Ireland.

CUSIP No. G66202105 13D Page 11 of 11 Pages


 Schedule B

OPTIONS

DATE TRANSACTION TYPE NUMBER OF SHARES PRICE PER SHARE ($)
---- ---------------- ---------------- -------------------
*4/13/2010 Sale of Call Option 619,100 **

* Private party negotiation between the Reporting Persons and Malibu. See Items
4 and 6 and Exhibit 1 for more details.

** On information and belief, the Malibu Reporting Persons are requesting
Confidential Treatment with respect to the price per share of the Option
Agreement.

Dated: April 22, 2010

ARROWGRASS CAPITAL PARTNERS (US) LP ARROWGRASS CAPITAL SERVICES (US) INC.



By: Arrowgrass Capital Services (US) By: /s/ Sean Flynn
Inc., its General Partner --------------------------------------
 Name: Sean Flynn
 Title Director
By: /s/ Sean Flynn
-------------------------------------
Name: Sean Flynn
Title Director