Autism

Davies

/send

Teneo

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    <p>A British Virgin Islands court has stepped in to prevent Three Arrows Capital (3AC) founders Kyle Davies and Su Zhu from transferring or selling more than $1 billion in assets with creditors still chasing the collapsed fund’s owners for more than $3 billion.</p>
    <p>The announcement came one day after a domestic freezing order was issued by a court in Singapore. 3AC operated out of Singapore but filed for bankruptcy in the British Virgin Islands.</p>
    <p>According to a statement from 3AC’s liquidator Teneo, $1.4 billion in assets have been frozen while creditors are still owed somewhere in the region of $3.3 billion. Davies’ wife Kelly Chen has also been barred from moving assets.</p>
    <p>“The worldwide freezing order has been sought in connection with claims that are being pursued by the liquidators that allege, amongst other things, that the <a rel="noopener noreferrer nofollow" title="found" href="https://thebittimes.com/tag/found.html">found</a>ers should be held responsible for causing <a rel="noopener noreferrer nofollow" title="3AC" href="https://thebittimes.com/tag/3ac.html">3AC</a>’s position to deteriorate by an amount that is equivalent to the value of the freezing orders sought,” the statement read.</p>
    <p>Just hours before the assets were frozen, Zhu posted to X (formerly Twitter) that “<strong>Autism is an <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a>, not a liability</strong>.”</p>
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       <p lang="en" dir="ltr">Autism is an <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a>, not a liability</p>— 朱溯 (@zhusu) December 20, 2023
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    <p><em>Read more: Genesis settles with <a rel="noopener noreferrer nofollow" title="3AC" href="https://thebittimes.com/tag/3ac.html">3AC</a> to pay 96.7% less than the $1B it claimed</em></p>
    <p>In the wake of the court order, he soon <a rel="noopener noreferrer nofollow" title="found" href="https://thebittimes.com/tag/found.html">found</a> himself being ridiculed by fellow users who pointed out that, if that’s the case, it may be the only <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> he has left.</p>
    <h2 class="wp-block-heading" id="h-zhu-questioned-in-court-for-first-time">Zhu questioned in court for first time</h2>
    <p>Earlier this month, lawyers in Singapore questioned Zhu in court for the first time as they continue the search for the billions of dollars of outstanding creditors’ funds.</p>
    <p>In a two-day private hearing, Zhu took questions from lawyers representing Teneo and, according to unnamed sources close to the proceedings, questioning focused on <strong>how and why 3AC failed and exactly where the missing assets went</strong>.</p>
    <p>Zhu was arrested under a committal order at Singapore’s Changi Airport in September after he ignored a court order and attempted to flee the country. The order stipulated that both Zhu and Davies were to be arrested on sight and imprisoned for four months.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/autism-may-be-the-only-asset-left-for-3ac-founders-after-1b-frozen-tbt74395.html">https://thebittimes.com/autism-may-be-the-only-asset-left-for-3ac-founders-after-1b-frozen-tbt74395.html</a></p>

Autism may be the only asset left for 3AC founders after $1B frozen

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