Su Zhu Retaliates Against Bangkok-Based 3AC Liquidators
Su Zhu allegedly asserted that the liquidators of Three Arrows Capital deceived the Singapore High Court by providing “misleading and erroneous” material.
According to Bloomberg, Zhu personally delivered an affidavit in Bangkok on August 19.
Su Zhu claims trustees misled the court
Su Zhu is still resisting the liquidators of Three Arrows Capital.
The co-founder of the insolvent cryptocurrency hedge fund, according to a Friday Bloomberg article, submitted an affidavit on August 19 in Bangkok, saying that the firm’s liquidators had provided “misleading and erroneous” material in their case before the High Court of Singapore.
The Singapore High Court gave Teneo permission to start the liquidation process on Wednesday. Teneo is the company in charge of selling off Three Arrows’ remaining assets as a result of the company’s collapse in June. Prior to this, Teneo had alleged that Su Zhu and his co-founder Kyle Davies had been unresponsive in the process, which prompted Zhu to tweet that the company was “baiting.”
Zhu and Davies disappeared after Three Arrows failed due to the market meltdown, and they were charged with dodging questions from creditors and liquidators. They were widely believed to be on the lam until they admitted in a July 22 Bloomberg interview that they were planning to go to Dubai (Three Arrows was due to relocate from Singapore to Dubai prior to its implosion).
The newest development in the weeks-long battle between Three Arrows
The Teneo “had not supplied a totally comprehensive or true version of events” regarding Three Arrows and its assets, according to Zhu’s argument, according to the Bloomberg story.
According to the affidavit, Zhu described a network of organizations connected to Three Arrows that were registered in Singapore, Delaware, and the British Virgin Islands. Three Arrows Capital Pte Ltd, of whom Zhu is a director and which was established in 2013 and is licensed through July 31, 2021, is essential to this network.
According to the report, Zhu has stated that he fears “possibly draconian consequences” if Teneo is permitted to use its authority to liquidate assets from the corporation and that this firm may not be able to pay the liquidator’s requests. According to the newspaper, he also stated that he and other Three Arrows Capital Pte Ltd representatives might be subject to penalties or jail time.
Three Arrows was the most active hedge fund in the cryptocurrency space up until the market crash in June. It had issues as a result of placing significant wagers on LUNA, Terra’s volatile token, which fell to zero in May when UST lost its peg.
The company had defaulted on numerous nine- to 10-figure loans from companies like Genesis Trading and Voyager Digital, among others, after Bitcoin fell to its lowest level in 18 months as a result, wiping out several cryptocurrency lenders, it was later revealed. Since Three Arrows’ Chapter 15 bankruptcy filing in July, Zhu and Davies have largely kept a low profile.
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