The Singapore Court of Appeal has rejected an attempt by Three Arrows Capital (3AC) founders Zhu Su and Kyle Davies to overturn court orders requiring them to disclose financial dealings related to the defunct crypto hedge fund, according to a report by the Business Times.
The ruling upholds a 2022 disclosure order sought by 3AC’s liquidators, who are pursuing recovery efforts following the fund’s collapse. Both Zhu and Davies had failed to comply with the disclosure, leading to contempt of court proceedings and four-month jail sentences.
However, the court overturned a lower court's decision allowing Zhu to be examined while in custody, stating such a move was inappropriate given the liquidators had already initiated civil proceedings in the British Virgin Islands to recover $66m.
Chief Justice Sundaresh Menon criticised the founders’ significant delay in challenging the orders, describing it as a "deliberate decision" to avoid enforcement and rejecting their argument that they believed they were cooperating in good faith.
The ruling marks a partial win for the liquidators, who are continuing their pursuit of 3AC’s missing assets across multiple jurisdictions.
Yen carry trade risks mount
Hedge funds and other leveraged investors face renewed risks from the yen carry trade as Japan moves further away from decades of…
More
Valour launches first crypto hedge fund using Neuronomics AI strategy
Valour, the digital asset investment products subsidiary of DeFi Technologies, has launched its first hedge fund as it expands beyond…
More
SocGen targets strong prime brokerage growth
Societe Generale is planning to significantly expand its prime brokerage business as part of Chief Executive Officer Slawomir Krupa's…
More