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One of the co-founders of bankrupt crypto hedge fund Three Arrows Capital (3AC) has reportedly been arrested in an airport in Singapore.<\/p>\n
According to a new report<\/a> by The Business Times, 3AC co-founder Su Zhu has been apprehended at the Changi airport as he attempted to leave Singapore.<\/p>\n Zhu has received a four-month jail sentence for contempt of court.<\/p>\n Teneo, 3AC\u2019s joint liquidator, tells The Business Times that Zhu has been sentenced to four months in prison by a court for his \u201cdeliberate failure\u201d to comply with an order that asked him to cooperate with the firm\u2019s liquidation investigation.<\/p>\n The report says Zhu was supposed to account for his activities as the co-founder of 3AC as well as the actions of its former investment manager.<\/p>\n A similar order and sentence has been handed to Kyle Davies, the other founder of 3AC, but his whereabouts are currently unknown, according to the report.<\/p>\n Teneo says that during Zhu\u2019s sentence, they plan to talk to him about matters pertaining to 3AC \u2013 focusing on recovering funds in the form of assets or property owned by the company.<\/p>\n As stated by Teneo to The Business Times,<\/p>\n \u201cThroughout the process, the liquidators\u2019 priority has been recovering the assets of 3AC and maximizing returns for its creditors.\u201d <\/em><\/p>\n Earlier this month, the Monetary Authority of Singapore (MAS) hit Davies and Zhu with a nine-year ban for violating<\/a> the nation\u2019s Securities and Futures Act of 2001.<\/p>\n According to the MAS, the duo will be banned from \u201cperforming any regulated activity and from taking part in the management of, acting as a director of or becoming a substantial shareholder, of any capital market services firm.\u201d<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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