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Three Arrows Capital co-founder Su Zhu said Teneo, the crypto hedge fund's liquidator, made 'inaccurate and misleading' representations to the High Court of Singapore, Bloomberg reported Friday, citing a notarized document.
In an affidavit delivered Aug. 19 in person in Bangkok, Zhu said the liquidator “had not provided an entirely complete or accurate version of events" to the court, according to Bloomberg. The Singapore court this week granted permission for Teneo to probe the local assets of Three Arrows Capital, a decision that means it legally recognizes the liquidation order originally filed in the British Virgin Islands.
Zhu described the complex network of Three Arrows entities registered in different jurisdictions including Singapore, the British Virgin Islands and the U.S. state of Delaware. As a result of the diffuse structure, the Singapore-based entity – Three Arrows Capital Pte Ltd (TACPL) – may not be able to comply completely with the liquidators' demands, according to Zhu.
Three Arrows Capital incurred around $400 million in liquidations in mid-June following the sharp downturn in the crypto markets, leaving it unable to meet its obligations to creditors.
Neither Three Arrows Capital nor Teneo immediately responded to CoinDesk's request for comment.
