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Liquidators Get Court Permission to Probe Three Arrows Capital’s Funds

Three arrows capital

Liquidators of bankrupt crypto lender Three Arrows Capital Ltd. have gotten a nod from a Singaporean High Court to investigate the activities of the collapsed crypto hedge fund. The goal is to help liquidators get deeper insights into the company’s remaining assets in major jurisdictions. 

A Singaporean High Court on Monday granted Teneo’s request after a written petition. While Teneo was appointed by a British Island Court to liquidate the crypto hedge fund, it needed court approval outside its primary jurisdiction to do so. Teneo is tasked with preserving Three Arrows Capital assets as liquidation moves in full swing.

By accepting Teneo’s petition, the Singaporean High Court has now permitted the liquidator to investigate the hedge fund’s financial records. Before the petition was granted, Teneo lacked the legal backing to do so. 

As part of its inquiry, Teneo will focus on establishing the assets owned by Three Arrow Capitals in Singapore. This typically includes going through bank records, real estate, cryptocurrencies, NFTs, and stakes in other companies. 

Three Arrows Capital, which had its capital in Singapore, collapsed in early May following the implosion of the Terra ecosystem, which sent the crypto market into a frenzy. Before the firm collapsed, Co-founder ZHu Su had earlier hinted at the company’s plan to move its headquarters to Dubai. There have also been attempts by the company’s CEO to sell his mansion in Singapore. 

Liquidators’ claims

Since the liquidation process kicked off, Teneo has only gained control of the hedge fund’s assets worth $40 million, a meager fraction of what creditors, including Voyager Digital LLC and Digital Currency Group Inc., are being owed. 

While WongPartnership LLP, a rep of Teneo, is handling proceedings in Singapore, Solitaire LLP is reportedly working with the company’s representatives in the city-state to chat a way forward. 

With the liquidation process in full swing, Teneo and Three Arrows Capital have so far declined to comment on the latest happenings. A spokesperson from the Singaporean high court has also declined to comment on the case as it is a pending case before the court. 

Despite filing for Chapter 15 bankruptcy in the US in July, Teneo has accused the CEO of Three Arrows of not being cooperative in the process. 

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