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One of the co-founders of bankrupt crypto hedge fund Three Arrows Capital (3AC) has reportedly been arrested in an airport in Singapore.
According to a new report by The Business Times, 3AC co-founder Su Zhu has been apprehended at the Changi airport as he attempted to leave Singapore.
Zhu has received a four-month jail sentence for contempt of court.
Teneo, 3AC’s joint liquidator, tells The Business Times that Zhu has been sentenced to four months in prison by a court for his “deliberate failure” to comply with an order that asked him to cooperate with the firm’s liquidation investigation.
The report says Zhu was supposed to account for his activities as the co-founder of 3AC as well as the actions of its former investment manager.
A similar order and sentence has been handed to Kyle Davies, the other founder of 3AC, but his whereabouts are currently unknown, according to the report.
Teneo says that during Zhu’s sentence, they plan to talk to him about matters pertaining to 3AC – focusing on recovering funds in the form of assets or property owned by the company.
As stated by Teneo to The Business Times,
“Throughout the process, the liquidators’ priority has been recovering the assets of 3AC and maximizing returns for its creditors.”
Earlier this month, the Monetary Authority of Singapore (MAS) hit Davies and Zhu with a nine-year ban for violating the nation’s Securities and Futures Act of 2001.
According to the MAS, the duo will be banned from “performing any regulated activity and from taking part in the management of, acting as a director of or becoming a substantial shareholder, of any capital market services firm.”
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