The Three Arrows Capital (3AC) liquidators are reportedly looking to investigate and preserve the Singapore assets of the crypto hedge fund.
- According to a recent report by Straits Times, the Singapore lawyers for Teneo have asked the High Court to recognize the British Virgin Islands (BVI) liquidation order in chambers hearing on July 15th.
- It all boils down to the Teneo lawyers. If successful, the firm will be able to secure 3AC’s assets in Singapore for the creditors.
- The lawyers said if they are able to prove the mismanagement or misconduct by the co-founders that led to the dramatic collapse of the hedge fund, there might be a route to seize their assets for the creditors’ benefit.
- A British Virgin Islands court earlier tasked business management company Teneo with overseeing 3AC’s liquidation.
- The lawyers for the advisory firm have also sought an order for Russell Crumpler and Christopher Farmer to serve as joint liquidators here.
- The two senior directors at Teneo claimed recently that the founders of the bankrupt hedge fund, Zhu and Davies, had failed to co-operate with the Foreign Representatives “in any meaningful manner” and that their whereabouts were unknown.
- The duo alleged the founders had joined a Zoom call, however, with their video turned off and audio muted at all times, the lawyers couldn’t verify their identities.
- The Teneo lawyers asked also the court to subpoena the co-founders and have them provide details with regards to their wallets, bank accounts, derivatives contracts, securities, and other company records.
- All the details have been sent by Advocatus Legal LLP, the Singapore-based law firm acting on behalf of the fund’s founders, according to a snapshot of the email shared by Zhu.