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3 AC Founder Zhu Su Arrested At Singapore Changi Airport – Crypto News

Published

2 years ago

September 29, 2023

Dripp

Zhu Su, the co-founder of the now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC), found himself under arrest at Changi Airport. Zhu Su was attempting to leave Singapore on Friday, September 29, in the afternoon. The arrest follows a committal order granted by the Singapore Courts, sentencing him to a four-month prison term.

The joint liquidator of 3AC, Teneo, confirmed the sentencing on Friday evening. The firm has been actively involved in the legal proceedings against Zhu Su, focusing on the recovery of assets and compliance with court orders. The arrest and subsequent sentencing are significant developments in the ongoing investigations into the failed hedge fund.

Liquidators to Engage with Zhu Su on 3AC Operations

Teneo had previously obtained a committal order against Zhu on September 25. This was due to Zhu’s deliberate failure to adhere to a court order mandating his cooperation with the liquidators’ investigations. The court order required Zhu to account for his activities as a co-founder of 3AC and its former investment manager.

Additionally, a similar committal order with a four-month imprisonment term was granted against Kyle Davies, the other co-founder of 3AC. However, Davies remains elusive, with his current whereabouts unknown, as stated by Teneo. The liquidators are keen on engaging with Zhu during his prison term to gain insights into matters relating to 3AC and its operations.

Singapore Imposes Restrictions on Zhu Su and Davies

Throughout the legal proceedings, the priority of the liquidators has been the recovery of 3AC’s assets and maximizing returns for its creditors. During his prison sentence, Teneo is set to engage with Zhu on matters relating to 3AC, emphasizing the recovery of assets that are either the property of 3AC or have been acquired using 3AC’s funds.

Earlier, Coingape media reported that the Monetary Authority of Singapore (MAS) had barred Zhu Su and Kyle Davies from regulated activity under the Securities and Futures Act (SFA). They are prohibited from managing, holding director positions, or acquiring substantial shares in any capital market services firm.

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