Arrows Capital co-founders are being subpoenaed
2023.01.05 13:20
Arrows Capital co-founders are being subpoenaed
Budrigannews.com – According to information provided to Cointelegraph by advisory firm Teneo, Three Arrows Capital (3AC) founders Zhu Su and Kyle Davies were subpoenaed on Twitter on January 5 after the liquidators granted permission from Singapore authorities following a United States bankruptcy court order.
A Teneo spokesperson explained that because Davies is a U.S. citizen, the Southern District of New York Bankruptcy Court granted the subpoena order, while the Singapore courts granted the order to both co-founders.
In recent months, the lawyers for the liquidators, as reported by Cointelegraph, have repeatedly failed to communicate with the founders. According to a hearing presentation on December 2, “The liquidators and founders agreed to a communication protocol, but cooperation has not been satisfactory.”
@KyleLDavies jpg copies of the subpoena are attached to this tweet by way of service. An unredacted copy of the subpoena was served via email and can be provided upon request. pic.twitter.com/XAYzQ4Oveo
— 3ACLiquidation (@3ACLiq) January 5, 2023
The move aims to gain access to account information, seed phrases, and private keys for digital and fiat assets belonging to 3AC; information regarding the unregistered shares and securities; and any accounts that are held on centralized or decentralized exchanges, as well as any other assets, both physical and intangible. The hedge fund filed for Chapter 15 bankruptcy on July 1 with a net worth of $10 billion at its peak.
“Furnish all documents available to you regardless of whether this information is directly in your possession, your agents, representatives, employees, or investigators,” the subpoena instructed Su and Davies. or by any other legal or non-legal entities controlled by you or in any way associated with you at the moment or in the future.”
The co-founders are required to “state the date and nature of the document and explain why the document is unavailable” if the required documents are no longer in their possession, custody, or control.
The liquidators made the announcement in December that they were using Twitter to try to subpoena the founders. Due to the unknown whereabouts of its founders, Three Arrows Capital’s bankruptcy process has encountered difficulties in recent months.
The hedge fund’s liquidators have previously claimed that the founders are located in Indonesia and the United Arab Emirates, where foreign court orders are difficult to enforce. The court has also questioned the citizenship and location of the founders because it may limit the court’s ability to exercise personal jurisdiction over them.
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