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3AC boss makes statement in Bangkok, contradicts information from the insolvency administrator

 


According to a new document obtained by business news outlet Bloomberg , 3AC boss Su Zhu himself made a statement in Bangkok on Aug. 19, in which he stated that the bankruptcy trustee Teneo "provided incomplete and inaccurate information on the matter." .


Teneo was ordered in June by a court in the British Virgin Islands, where Singapore-based crypto hedge fund Three Arrows Capital (3AC) is registered, to wind up the insolvent company.


As can be seen from Zhu's statement, Teneo is said to have made false statements about the business operations, the connections between the individual 3AC subsidiaries and the timing of the company's bankruptcy. In this context, Zhu explains that Three Arrows Capital Pte Ltd (TACPL) was registered in Singapore on July 31, 2021. Later that same year, on September 1, it was replaced by ThreeAC Ltd in the British Virgin Islands, with the latter being responsible for both the main fund and the two subsidiary funds of the crypto investment firm. Of the subsidiary funds, Three Arrows Fund Ltd was also domiciled in the British Virgin Islands while Three Arrows Fund LP is domiciled in the State of Delaware, US.


Because of this corporate structure, Zhu says TACPL is unable to fully disclose the information requested by Teneo, but fears "draconian consequences from the bankruptcy trustee's far-reaching powers." TACPL employees could be fined or even imprisoned.


Teneo has already responded to Zhu's statement and replies: "The insolvency administrator emphatically contradicts the positions in Su Zhu's statement. […] We remain optimistic that the parties will fully disclose all information so that we can fulfill our duty on behalf of 3AC's creditors.”


Three Arrows Capital has nearly $3 billion in debt. The crypto hedge fund's bankruptcy created a domino effect in the industry that is still being felt.

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