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.