Su Zhu, the co-founder of the collapsed crypto hedge fund Three Arrows Capital (3AC), was arrested in Singapore on Friday. Zhu was taken into custody whereas making an attempt to depart the nation from Singapore’s Changi Airport, as reported earlier by Bloomberg.
Teneo, the liquidation agency accountable for liquidating 3AC’s belongings, says it acquired a committal order towards Zhu after he didn’t adjust to a court docket order that compelled him to cooperate with the liquidation course of. That committal order directs Singaporean police to arrest Zhu and maintain him in jail for 4 months. Teneo says it obtained a “comparable” committal order for 3AC’s different co-founder, Kyle Davies.
Throughout his time in jail, Teneo says the liquidators will interact with Zhu on “issues referring to 3AC, specializing in the restoration of belongings which might be both the property of 3AC or which have been acquired utilizing 3AC’s funds.” The agency provides that liquidators “will pursue all alternatives to make sure Mr Zhu complies in full with the court docket order.”