Our weekly roundup of news from East Asia curates the industry’s most important developments.
3AC creditors strike back
On Sept. 29, Su Zhu, co-founder of defunct Singaporean hedge fund Three Arrows Capital (3AC) — which prior to its collapse last June managed more than $10 billion in digital assets — was apprehended at Singapore’s Changi International Airport while attempting to flee the country following the issuance of a committal order.
Just days prior to his arrest, Singaporean courts issued an arrest warrant for Zhu after his “deliberate failure to comply with a court order obtained which, in essence, compelled him to cooperate with the liquidator’s investigations and account for his activities as one of the founders of 3AC and its former investment manager.” Zhu, a Singaporean national, was sentenced to four months in prison for the breach.
Teneo, the appointed liquidator for 3AC, said in an email statement that creditors would “seek to engage with him on matters relating to 3AC, focusing on the recovery of assets that are either the property of 3AC or that have been acquired using 3AC’s funds” during his time in prison.
“The liquidators will pursue all opportunities to ensure Mr. Zhu complies in full with the court order made against him for provision of information and documents relating to 3AC and its former investment manager during the course of his imprisonment and thereafter,” Teneo wrote.
3AC co-founders Kyle Davies (Left) and Su Zhu (Right). (X/Twitter)
The filing revealed that Kyle Livingston Davies, 3AC’s co-founder and a naturalized Singaporean citizen, was also sentenced to four months imprisonment for contempt of court. However, his current whereabouts remain unknown. Cointelegraph previously reported that Davies had fled to Dubai earlier this year and opened a restaurant there.
Recently, the Monetary Authority of Singapore barred both Zhu and Davies from conducting enterprise investment activity in the city-state for…
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