Co-Founder of 3AC Arrested at Airport and Sentenced to Jail
One of the co-founders of Three Arrows Capital (3AC), a bankrupt crypto hedge fund, has been arrested at the Changi airport in Singapore. Su Zhu, the co-founder, was apprehended as he attempted to leave the country. He has received a four-month jail sentence for contempt of court.
Sentence for Failure to Cooperate with Liquidation Investigation
The court sentenced Zhu for his deliberate failure to comply with an order that required him to cooperate with the liquidation investigation of 3AC. The order demanded that he account for his activities as the co-founder and disclose the actions of the former investment manager. Kyle Davies, the other founder of 3AC, has also received a similar sentence, but his whereabouts are currently unknown.
Focusing on Asset Recovery
Teneo, 3AC’s joint liquidator, plans to discuss matters related to 3AC with Zhu during his sentence. They aim to recover funds through assets or property owned by the company. The priority for Teneo has always been to retrieve 3AC’s assets and maximize returns for its creditors.
Nine-Year Ban Imposed by Monetary Authority of Singapore
In addition to their jail sentences, Davies and Zhu have been banned for nine years by the Monetary Authority of Singapore (MAS) for violating securities regulations. This ban prohibits them from participating in regulated activities or managing any capital market services firm.
Hot Take: Co-Founder of 3AC Arrested and Sentenced in Singapore
One of the co-founders of Three Arrows Capital (3AC), Su Zhu, has been arrested at an airport in Singapore and sentenced to four months in jail for contempt of court. Zhu and his fellow co-founder, Kyle Davies, have both faced legal consequences for their actions related to 3AC. This arrest and sentence highlight the ongoing scrutiny and regulatory actions surrounding the crypto industry. It serves as a reminder that individuals and entities operating in the cryptocurrency space must adhere to legal requirements and cooperate with investigations. The case also emphasizes the importance of asset recovery efforts to maximize returns for creditors affected by the bankruptcy of 3AC.
Source: The Business Times
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