3AC Co-founder Su Zhu Opposes Asset Liquidation in Singapore
- The Singapore High Court granted Teneo’s petition to seize and liquidate 3AC’s assets.
- The firm filed for bankruptcy in the British Virgin Islands at the end of June.
Su Zhu, the co-founder of Three Arrows Capital (3AC), claims that Teneo, the liquidator appointed by the court, misrepresented before the Singapore High Court in order to get the liquidation of Three Arrows’ assets in Singapore approved. According to an affidavit filed by Su Zhu in Bangkok, Thailand, Three Arrows Capital Pte Ltd (TACPL) was registered in Singapore until July 31, 2021.
TACPL is no longer the investment manager for the feeder funds Three Arrows Fund Ltd (TAFL) in the British Virgin Islands and Three Arrows Fund LP (TAFLP) in the U.S. state of Delaware. Therefore, the liquidator Teneo has no obligation to sell off TACPL’s assets.
Liquidation Approved Recently
Bloomberg reported on August 26 that on August 19, Su Zhu had filed an affidavit in Bangkok, Thailand, disputing liquidator Teneo’s ability to liquidate assets in Singapore.
The Singapore High Court recently granted Teneo’s petition to seize and liquidate Three Arrows Capital’s Singapore assets earlier this week. Teneo is a liquidator appointed by the British Virgin Islands court. In addition, the TACPL is no longer in charge of investment management for feeder hedge funds as per Su Zhu.
Each of the two feeder funds, Three Arrows Fund Ltd (TAFL) and Three Arrows Fund LP (TAFLP), is located in its own jurisdiction. Investment management for both the master and feeder funds have been handled by ThreeAC Ltd since August 2021, when the hedge fund moved its registration to the British Virgin Islands. Therefore, TACPL may not cooperate with the investigation and liquidation being conducted by Teneo.
According to a court filing made by liquidators in April, Singapore-based 3AC only had $3 billion in assets, down from $10 billion earlier in 2022. After suffering heavy losses during the recent cryptocurrency market crash, the firm filed for bankruptcy in the British Virgin Islands at the end of June.
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Read more: https://thenewscrypto.com/3ac-co-founder-su-zhu-opposes-asset-liquidation-in-singapore/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
