Zhu Su, Founder of three arrows capital, faces asset freeze worth 1.1 billion US dollars.
In a series of dramatic events, Zhu Su and Kyle Davies, founders of 3AC Capital, along with Davies’ wife Kelly Chen, with a combined astonishing net worth of $1.1 billion, have had their assets frozen under a global freezing order. This landmark decision was made on Monday, December 18, by the British Virgin Islands Court.
Singapore has also joined the freezing action. They issued a domestic freezing order in conjunction with the decision of the British Virgin Islands. This ensures that the assets of these three individuals in Singapore are also subject to the same strict restrictions.
The leading financial advisory company, Teneo, stated that the main purpose of these freezing orders is clear: to prevent any potential hindrance or mishandling of assets and to maximize the return for creditors. Russell Crumpler and Christopher Farmer, directors of the company, have been appointed as liquidators by the British Virgin Islands Court since 2022.
This order coincides with Zhu Su’s release from prison. Zhu Su was arrested on September 29 for non-compliance with court orders related to the liquidation process.
Although the freezing is a significant development, it is only a piece of a larger puzzle. During the liquidation process, the total amount claimed by the creditors of 3AC Capital exceeds $3 billion, highlighting the magnitude of this financial disaster.
3AC, Zhu Su, and 3AC Capital.
Further reading:
– Monetary Authority of Singapore: Nine-year prohibition! Zhu Su and Kyle Davies of 3AC Capital cannot participate in any compliant companies.
– Kyle Davies, co-founder of 3AC, claims to have renounced his US citizenship and is not subject to the jurisdiction of US courts.
