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3AC Co-Founder Could Face Imprisonment

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Fri, 26/08/2022 - 6:44
3AC Co-Founder Could Face Imprisonment
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According to a report published by Bloomberg, Su Zhu, one of the founders of the embattled hedge fund Three Arrows Capital, is concerned about facing jail time.  

In his affidavit, which he delivered in person in Thailand earlier this month, he claims that he could face “fines and imprisonment” as a director of Three Arrows Fund LP (TACPL) along with other representatives of the failed hedge fund.

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Zhu accused the court-appointed liquidators of providing misleading and inaccurate information in their petitions.

On Wednesday, Teneo, the liquidator of the embattled hedge fund, managed to secure an important court in Singapore. This made it possible for them to locate and preserve the firm’s local assets.

Zhu claims that the liquidators misrepresented the structure of their firm in the affidavit. TACPL was licensed in Singapore until late July 2021, and it then stopped serving as the investment manager. It was replaced by British Virgin Islands-based ThreeAC Ltd. Since TACPL may not be able to comply with the liquidators’ demands, its representatives may face “draconian” consequences.  

The liquidation of Three Arrows Capital was ordered by a British Virgin Islands-based court in late June. Shortly after that, the firm filed for bankruptcy.    

In July, court documents showed that the failed hedge fund owed roughly $3.5 billion to a slew of companies.

The liquidators claimed that the founders of Three Arrows had failed to cooperate with them. Zhu, however, tweeted that the hedge fund’s efforts to cooperate with liquidators were met with “baiting.”

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