Details obtained from the questions in court will be shared with creditors under the aim of maximizing recoveries, according to the people. Zhu and Davies haven’t faced any criminal charges in Singapore. The proceedings between Zhu and Teneo’s representatives are a civil matter. Teneo estimates creditors are owed roughly $3.3 billion overall. Liquidators have accused Zhu and the fund’s other founder, Kyle Davies, of failing to cooperate meaningfully with their probe and are seeking to recover $1.3 billion from the two men. Three Arrows imploded in 2022 as leveraged bets blew up, stoking a $2 trillion crypto rout as well as a spate of other collapses in the sector. A spokesperson for Teneo declined to comment. His legal representative didn’t respond to requests for comment, nor did the court or the prison service. Zhu, who appeared in the High Court on Wednesday dressed in a slim suit and closely-cut hair, acknowledged the questioning ahead of its morning commencement when asked by a Bloomberg News reporter. Zhu is set to be released this month based on standard provisions for good behavior, the people said. 29 and jailed for four months for failing to cooperate with the task of winding up Three Arrows. The questioning was approved at court in the city-state earlier, the people said, after Zhu was arrested at the airport in Singapore on Sept. The lawyers sought details including how the fund failed and the whereabouts of assets, the people said, asking not to be named as the proceedings were private. The two-day court hearing this week required Zhu to respond to lawyers for the liquidator, Teneo, people familiar with the matter said. Goldman Trader Paid $100 Million Since 2020 Is Stepping DownĪrgentina’s Milei Devalues Peso by 54% in First Batch of Shock MeasuresĬOP28 Nations Reach First-Ever Deal to Move Away From Fossil Fuels Tesla Recalls 2 Million Cars to Fix Autopilot Safety Flaws JPMorgan Is in a Fight Over Its Client’s Lost $50 Million Fortune (Bloomberg) - Three Arrows Capital co-founder Su Zhu for the first time faced questioning in a Singapore court about the crypto fund’s collapse, giving liquidators their best chance yet to gather information as they seek to recoup billions of dollars for creditors.
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