According to Bloomberg, the Singapore High Court reportedly granted permission to acknowledge the liquidation decision against Three Arrows Capital (3AC) issued by a court in the British Virgin Islands.
The petitioner now has the legal right to ask for access to the financial records of 3AC that are stored in Singapore, where 3AC is headquartered, according to the Singapore court’s judgment that was made in private.
On July 9, Teneo, the company chosen to liquidate the 3AC assets, filed a petition with the court claiming that the crypto hedge fund might have information on its bank accounts, homes, digital assets, and investments in other businesses at its Singapore headquarters. In June, Zhu allegedly attempted to sell his $35 million “bungalow” in Singapore.
In response to claims that the company had been uncooperative with the liquidators, 3AC cofounder Zhu Su stated in a tweet on July 12 that the company had given the liquidators a spreadsheet outlining the company’s assets.
After the company was ordered to be liquidated, Zhu and his partner Kyle Davies allegedly fled. They then emerged in a Bloomberg interview, when they stated they were running from threats to their lives.
After allegedly skipping margin calls, 3AC was reportedly forced into liquidation on June 27. According to Bloomberg, Teneo has so far taken ownership of 3AC assets worth at least $40 million. The debt owed by the 3AC to its creditors, which totals at least $2.8 billion USD, is much larger than that amount.
Genesis Asia Pacific, the company’s biggest creditor, is owed $2.36 billion. Later, to assure the continuation of Genesis’ activities, it’s parent company Digital Currency Group had to take up a portion of the trader’s obligation.
Voyager Digital also cited 3AC’s default on a loan of 350 million USDC and 15,250 BTC as the reason for its July 1 decision to halt withdrawals and other operations.
