Three Arrows founder calls liquidators ‘inaccurate’ as court approves probe into Singaporean entities
After the bankruptcy of three arrows capital (3aC), a digital currency hedge fund, the Singapore court allowed the liquidators of the company to enter its local entity line, and the investors of the fund became closer and closer to understanding the specific situation of the product fund.
Bloomberg News Agency quoted an insider who required anonymity as saying that the high court of Singapore approved the application of the 3aC liquidator Teno serving in the court of British Virgin Islands, and the company sought Singapore's affirmation in the application.
Through various identifications, Teno can browse all the information content from the local objects of 3aC. This will enable the liquidator to better investigate what happened behind 3aC. The company first applied for registration in Singapore and moved to the British Virgin Islands last year.
At this stage, tenor's fundamental task is to clarify the assets held by hedge funds in this city and China, from bank accounts to digital currencies, irreplaceable tokens, and even the enterprises it invests in. This will enable students to better understand the fund and its debt status to investors (such as digital currency group and failed borrowers Voyager digital and Celsius network). The previous court documents listed the loan limit of 3aC as US $2.8 billion, and authoritative experts estimated that with the re establishment of judicial proceedings, this figure would increase significantly.
Tenor declined to post on the latest news, and 3aC founders Su Zhu and Wayne Richardson also pretended to be deaf.
A spokesman for the Singapore high court said: "it is simply impossible to post on the cases heard by the court.".
3aC founder Zhu: liquidator fraud court
After the Singapore court allowed the liquidators to check the local entity lines and financial records, Su Zhu, the founder of 3aC, went to a court in Bangkok to submit an affidavit, which was his first appearance in court in many months. The purpose of the affidavit is the liquidator. In his opinion, the liquidator fabricated facts to defraud the court.
Tenor denounced the founders of 3aC for being unable to cooperate, claiming that they had brought "selectivity and piecemeal disclosure of hedge fund assets."
Bloomberg saw Zhu's affidavit, denied the accusation, and accused tenor of failing to give "an integrated or accurate version number of the matter". The liquidator brought to the high court of Singapore "an erroneous and misleading statement on the operation, relationship and timeline related to (ITS) entity line"
The affidavit further describes the structure and intricate relationship of 3aC and its subsidiaries, which is the first time that 3aC is likely to go bankrupt.
All of this originated from three arrows capital Pte Ltd, a hedge fund registered in Singapore in 2013 and operating from Singapore until July 2021. The company has registered many sub funds in the island and the United States.
Zhu said that around September last year, the Singapore entity line where he served as executive director was no longer a key enterprise. Established a new entity line called threeac Ltd on the island and took over the responsibility of hedge fund.
Zhu's affidavit said that, therefore, the liquidator should stop checking the physical line and employees in Singapore, which is likely to include him, because he is an executive director, because we should not have the required information.
He worries that if employees are sentenced to contempt of court, they will face imprisonment and high fines.
Tenor quickly submitted a response in Singapore, questioning Zhu's remarks.
"The co liquidator firmly opposes the views set forth in Su Zhu's affidavit," tenor said. "[everyone] relies on all-round and immediate cooperation from relevant parties, including those located in Singapore. We are still optimistic that such parties will provide detailed records and all relevant information, so that we can fully perform our responsibilities to protect the rights and interests of 3aC creditors."