Three Arrows Capital Challenges Liquidation In Singapore As MAS Strengthens Oversight
Three Arrows Capital’s co-founder Su Zhu believes court-appointed liquidator Teneo mislead the Singapore High Court to gain approval for liquidating Three Arrows’ assets in Singapore. Su Zhu submitted an affidavit in Bangkok, Thailand claiming Three Arrows Capital Pte Ltd (TACPL) was registered in Singapore until July 31, 2021.
Moreover, TACPL ceased to be the investment manager for 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. Thus, liquidator Teneo is not liable to liquidate TACPL assets.
Three Arrows’ Su Zhu challenges liquidation in Singapore
Three Arrows Capital founders Su Zhu and Kyle Davies’ current location is unknown, with founders earlier announced moving to Dubai. However, Su Zhu submitted an affidavit in Bangkok, Thailand on August 19 challenging liquidator Teneo’s authority to liquidate assets in Singapore, reported Bloomberg on August 26.
Earlier this week, the Singapore High Court approved a petition by Teneo, a British Virgin Islands court-appointed liquidator, to secure and liquidate Three Arrows Capital assets in Singapore.
However, Su Zhu accused Teneo of using inaccurate details to gain the liquidation order in Singapore. He claims Singapore entity Three Arrows Capital Pte Ltd (TACPL) was registered in the country until July 31, 2021. Moreover, the TACPL ceased to handle investment management for feeder hedge funds.
Two feeder funds — Three Arrows Fund Ltd (TAFL) is in the British Virgin Islands and Three Arrows Fund LP (TAFLP) is in the US state of Delaware. After the hedge fund shifted its registration to the British Virgin Islands, ThreeAC Ltd handled investment management for the master and feeder funds since August 2021.
Therefore, TACPL may not comply with the probe and liquidation by Teneo, a British Virgin Islands court-appointed liquidator. Su Zhu thinks TACPL, its executives, and employees will be in contempt of the court order and may face fines and imprisonment.
Singapore’s MAS Intensifies Scrutiny over Crypto-related Firms
The Monetary Authority of Singapore (MAS) strengthening its oversight of crypto-related activities in the country. The MAS has asked crypto-related firms to disclose their business activity and holdings.
The data includes top tokens owned, top lending and borrowing counterparties, and the amount loaned and top tokens staked via decentralized-finance protocols. Furthermore, seeks details from exchanges regarding the token listing process and steps to minimize investor risks. The move comes as the MAS plans to broaden regulations to cover more crypto-related activities.
Singapore has maintained a strict stance after the bankruptcy of Singapore-registered crypto firms including Three Arrows Capital. Despite the challenge, Three Arrows Capital may face regulatory attacks to liquidate the assets in Singapore.
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Franklin Templeton CEO Dismisses 50bps Rate Cut, Citing ‘Robust Economy’ Ahead of FOMC
- Bitget Unveils ‘Universal Exchange’ Era to Mark 7-Year Anniversary
- Forward Industries Launches $4B Program to Boost Solana Holdings as Analyst Eyes $500 SOL
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
- Bitcoin Price Prediction as Fed Decision Nears — Dump Before the Next Rally?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
