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In line with a doc seen by Bloomberg, Zhu delivered the affidavit in particular person on Aug. 19. In it, Zhu states that Teneo “had not supplied a wholly full or correct model of occasions” to the Singapore court docket, which granted Teneo’s request for entry to 3AC data in Singapore on Aug. 22.
Teneo, an advisory agency, was appointed in June to liquidate 3AC property by a court docket within the British Virgin Islands, the place Singapore-based 3AC had moved its registration. The fund had additionally introduced its intention to maneuver its headquarters to Dubai.
In line with the affidavit, Teneo misrepresented the operations and relationships between 3AC-related entities, in addition to the timeline of occasions. Zhu acknowledged that Three Arrows Capital Pte Ltd (TACPL) was registered in Singapore till July 31, 2021. It was changed on Sept. 1 of that 12 months by ThreeAC Ltd within the British Virgin Islands because the supervisor of the grasp fund and two feeder funds — Three Arrows Fund Ltd, which was registered within the British Virgin Islands, and Three Arrows Fund LP, registered within the U.S. state of Delaware.
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Due to this construction, TACPL might not be capable of adjust to Teneo’s requests for info, Zhu acknowledged, and that would result in “probably draconian penalties arising from the Liquidators’ train of their huge powers,” as much as fines and the imprisonment of TACPL officers and representatives for contempt of court docket.
Teneo responded in an announcement to Zhu’s affidavit saying, “The joint liquidators strongly disagree with the positions set out in Su Zhu’s affidavit. […] We stay optimistic that such events will present entry to finish data and all related info to allow us to discharge our obligations absolutely within the pursuits of the collectors of 3AC.”
3AC has debts approaching $3 billion, and its collapse has had a ripple impact all through the business.
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