3AC Liquidators Granted Approval to Probe Financial Records in Singapore
In a new win for the Three Arrows Capital Ltd.’s liquidators, the Singapore High Court granted their request to access any financial records that were previously kept locally.
The petition was filed by advisory firm Teneo, appointed by a British Virgin Islands court in June to liquidate 3AC. The decision by the court is expected to give the liquidators more insight into the now bankrupt crypto hedge fund’s remaining assets in a major jurisdiction.
- As per a Bloomberg report, Teneo is currently looking into the liquidation process of 3AC and securing its assets and connections to bank accounts, cryptocurrencies, NFTs, stakes in companies, and properties.
- The Singapore-based 3AC was among the worst hit crypto entities due to the digital asset market downturn. As per the founders – Zhu Su and Kyle Davies – the combination of one-way bets and accommodative lending arrangements that collapsed simultaneously started the downtrend, later aggravated by the market collapse.
- The latest court ruling comes a little over a month after Three Arrows’ filed for Chapter 15 bankruptcy in the US.
- The lawyers seeking emergency provisional relief had alleged that the founders hadn’t been cooperating in the process.
- Soon after this, Zhu called the court filing “disappointing” and went on to accuse the creditors of baiting their clients. Complying with the creditor’s demands, his lawyers handed over a spreadsheet with details of the company’s assets.
- While declining the comment on the ongoing private proceedings of Three Arrows, a spokesperson for the Singapore High Court was quoted saying,
“We are unable to comment on cases that are before the Courts.”
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