March 27, 2024
Three Arrows Founders Receive 9-Year Trading Ban in Singapore
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Three Arrows Founders Receive 9-Year Trading Ban in Singapore

Singapore’s financial regulator has imposed a nine-year prohibition order on Su Zhu and Kyle Davies, the founders of Three Arrows Capital. This order prevents them from participating in the regulated financial services industry in Singapore. The prohibition includes restrictions on engaging in any regulated activities and holding management positions, directorships, or substantial ownership stakes in capital market services firms.

The Monetary Authority of Singapore (MAS) initiated the prohibition order following its investigation into Three Arrows Capital. In June 2022, MAS reprimanded the fund for disseminating false information to the public and examined the roles of Zhu and Davies within Three Arrows’ entities in Singapore and the British Virgin Islands. MAS found that Three Arrows Capital had failed to inform MAS about the appointment of a new fund manager, inaccurately claimed that the manager was not involved in regulated activities, and lacked an appropriate risk management framework.

Loo Siew Yee, Assistant Managing Director of Policy, Payments & Financial Crime, emphasized that senior management at fund managers are obligated to establish robust risk management measures to safeguard investors’ interests. MAS views Zhu and Davies’ blatant disregard for regulatory requirements and their neglect of directorial responsibilities seriously. The regulator is committed to taking action against senior managers who engage in such misconduct.

In August, Zhu and Davies faced penalties for their latest venture, crypto bankruptcy claims exchange OPNX, as Dubai’s Virtual Assets Regulatory Authority (VARA) fined the platform nearly $2.8 million.

Image By vecstock

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