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3AC co-founder Su Zhu opposes liquidation of assets in Singapore

  • The Singapore Supreme Court granted Teneo’s petition for the forfeiture and liquidation of 3AC’s assets.
  • The company filed for bankruptcy in the British Virgin Islands at the end of June.

su choCo-founder of Three Arrows Capital (3AC), alleges that Teneo, the court-appointed liquidator, misrepresented him before the Singapore Supreme Court in order to obtain approval for the liquidation of Three Arrows’ assets in Singapore. According to an affidavit provided by Su Zhu in Bangkok, Thailand, Three Arrows Capital Pte Ltd (TACPL) is registered in Singapore until July 31, 2021.

TACPL is no longer the investment manager of the three Arrows Fund Ltd (TAFL) feeder funds in the British Virgin Islands and Three Arrows Fund LP (TAFLP) in the US state of Delaware. Therefore, the Teneo liquidator is not obligated to sell the TACPL assets.

Filter recently approved

Bloomberg reported on August 26 that on August 19, Su Zhu filed an affidavit in Bangkok, Thailand, challenging liquidator Teneo’s ability to liquidate assets in Singapore.

The Singapore Supreme Court It recently granted Teneo’s petition for the confiscation and liquidation of the assets of Three Arrows Capital in Singapore earlier this week. Teneo is the liquidator appointed by the British Virgin Islands court. In addition, TACPL is no longer responsible for investment management of feeder hedge funds, according to Su Zhu.

The two feeder funds, Three Arrows Fund Ltd (TAFL) and Three Arrows Fund LP (TAFLP), both fall within its purview. ThreeAC Ltd has been managing the investment for both the parent and feeder funds since August 2021, when the hedge fund transferred its registration to the British Virgin Islands. Therefore, TACPL may not cooperate with Teneo’s investigation and filtering.

According to a court filing filed by liquidators in April, Singapore-based 3AC has only $3 billion in assets, down from $10 billion earlier in 2022. The islands at the end of June.

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