Last Updated on 30 September 2023 by Admin
At Changi Airport, authorities detained Zhu Su, a co-founder of the collapsed crypto hedge company Three Arrows Capital (3AC). On the afternoon of Friday, September 29th, Zhu Su attempted to depart Singapore. He was taken into custody after the Singaporean courts issued a committal order condemning him to four months in jail.
On Friday night, the punishment was announced by Teneo, the joint liquidator of 3AC. The company has been heavily involved in the ongoing legal action against Zhu Su, with a particular emphasis on asset recovery and enforcing judicial orders. Important steps have been taken in the continuing investigations into the defunct hedge firm with the arrest and subsequent imprisonment.
Maximizing Recovery
On September 25th, Teneo had already acquired a committal order against Zhu. The co-founder willfully disregarded a court order requiring him to assist the liquidators in their inquiries, leading to the collapse of the company. The court ordered Zhu to provide information about his time spent as an investor and co-founder of 3AC.
The other founding member of 3AC, Kyle Davies, also received a committal order with a four-month jail sentence. According to Teneo, Davies is still at large and his whereabouts are a mystery. While Zhu is behind bars, the liquidators want to talk to him about 3AC and its activities to learn more.
The liquidators have made it their top goal throughout the proceedings to collect 3AC’s assets and maximise profits for the company’s creditors. Teneo plans to work with Zhu on 3AC-related concerns while he is incarcerated, with a focus on recouping assets that rightfully belong to 3AC or were purchased with its money.
Trending News: Bybit Halts UK Operations Due to New FCA Regulations
Taniya Sharma
Tabrez Alam