3AC's Zhu was in Bangkok, challenged Singapore liquidator's court filing: report
Zhu, whose fate had been unknown for weeks, delivered an affidavit disputing Teneo's claims and elucidating the internal structure of the hedge fund by bankruptcy.< /p>
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According to a document seen by Bloomberg, Zhu delivered the affidavit in person on August 19. In it, Zhu states that Teneo "did not provide a fully complete or accurate version of events" to the Singapore court, which granted Teneo's request for access to the 3AC records in Singapore on August 22.
Teneo, a consulting firm, was appointed in June to liquidate 3AC's assets by a court in the British Virgin Islands, where Singapore-based 3AC had transferred its registration. The fund had also announced its intention to move its headquarters to Dubai.
According to the affidavit, Teneo misrepresented the operations and relationships between 3AC-related entities, as well as the timeline of events. Zhu said Three Arrows Capital Pte Ltd (TACPL) was registered in Singapore until July 31, 2021. It was replaced on September 1 of the same year by ThreeAC Ltd in the British Virgin Islands as the manager of the master fund and two feeder funds. — Three Arrows Fund Ltd, registered in the British Virgin Islands, and Three Arrows Fund LP, registered in the US state of Delaware.
Related: Celsius, 3AC demonstrated why more financial activity needs to be on-chain
Because of this structure, TACPL may not be able to comply with Teneo's requests for information, Zhu said, and this could result in "potentially drastic consequences arising from the liquidators exercising their wide powers", up to fines and the imprisonment of agents and representatives of TACPL for contempt of court.
Teneo responded in a statement to Zhu's affidavit saying, "The joint liquidators strongly disagree with the positions set out in Su Zhu's affidavit. […] We remain optimistic that these parties will give access to complete files and all...
Zhu, whose fate had been unknown for weeks, delivered an affidavit disputing Teneo's claims and elucidating the internal structure of the hedge fund by bankruptcy.< /p>
New
According to a document seen by Bloomberg, Zhu delivered the affidavit in person on August 19. In it, Zhu states that Teneo "did not provide a fully complete or accurate version of events" to the Singapore court, which granted Teneo's request for access to the 3AC records in Singapore on August 22.
Teneo, a consulting firm, was appointed in June to liquidate 3AC's assets by a court in the British Virgin Islands, where Singapore-based 3AC had transferred its registration. The fund had also announced its intention to move its headquarters to Dubai.
According to the affidavit, Teneo misrepresented the operations and relationships between 3AC-related entities, as well as the timeline of events. Zhu said Three Arrows Capital Pte Ltd (TACPL) was registered in Singapore until July 31, 2021. It was replaced on September 1 of the same year by ThreeAC Ltd in the British Virgin Islands as the manager of the master fund and two feeder funds. — Three Arrows Fund Ltd, registered in the British Virgin Islands, and Three Arrows Fund LP, registered in the US state of Delaware.
Related: Celsius, 3AC demonstrated why more financial activity needs to be on-chain
Because of this structure, TACPL may not be able to comply with Teneo's requests for information, Zhu said, and this could result in "potentially drastic consequences arising from the liquidators exercising their wide powers", up to fines and the imprisonment of agents and representatives of TACPL for contempt of court.
Teneo responded in a statement to Zhu's affidavit saying, "The joint liquidators strongly disagree with the positions set out in Su Zhu's affidavit. […] We remain optimistic that these parties will give access to complete files and all...
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