In a series of dramatic events, Zhu Su and Kyle Davies, founders of 3AC Capital, along with Davies’ wife Kelly Chen, who collectively hold astonishing assets worth $1.1 billion, have been frozen under a global order. This landmark decision was made by the British Virgin Islands court on Monday, December 18.
Singapore Joins Freezing Action
The purpose is to protect creditors
Zhu Su was recently released from prison
3AC Capital also has astonishing debts
OPNX platform’s currency, OX, dropped by 20%
The Singapore court also took action on Wednesday. They issued a domestic freezing order, in coordination with the decision of the British Virgin Islands. This ensures that the assets of these three individuals in Singapore are subject to the same strict restrictions.
The lead action was taken by financial advisory firm Teneo, stating that the main purpose of these freezing orders is clear: to prevent any potential hindrance or mishandling of assets and maximize returns for creditors. The company’s managing directors, Russell Crumpler and Christopher Farmer, have been appointed as liquidators by the British Virgin Islands court since 2022.
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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.
(3AC co-founder Su Zhu arrested and sentenced to four months imprisonment at Changi Airport)
While the freezing is a significant development, it is only part of a larger puzzle. During the liquidation process, 3AC Capital’s creditors claimed an amount exceeding $3 billion, highlighting the scale of this financial disaster.
3AC
Zhu Su
3AC Capital
Zhu Su
Further reading
MAS: A Nine-Year Ban! 3AC Capital’s Zhu Su and Kyle Davies Cannot Participate in Any Compliant Companies
3AC co-founder Kyle Davies claims to have renounced his US citizenship and is not subject to US court jurisdiction.