December 9, 2022

The liquidation commission was allowed access to the assets of Three Arrows Capital

Article reading time:
1 min.

The liquidation commission was allowed access to the assets of Three Arrows Capital

The liquidators of Three Arrows Capital have secured a key ruling in the Singapore Supreme Court that gives them the right to conduct a full audit of the assets of the crypto fund.

Supreme Court of Singapore on Mondaygranted the consulting firm Teneo's request for full access to Three Arrows' assets. The firm was appointed liquidator by the British Virgin Islands court in June.

Based on the court decision, Teneo will be able torequest access to financial records and records, monitor the bank balances of a bankrupt fund, and audit real estate, cryptoassets, and Three Arrows equity interests in other companies.

At the moment, the liquidators control notmore than $40 million of Three Arrows assets and this, they assure, is categorically insufficient to satisfy all requirements. Current claims on the fund are estimated at more than $2.8 billion. And this is not the final debt figure. It could rise significantly as more creditors file their claims.

Earlier, the consulting agency Teneo accused
Three Arrows Capital is that despiteproblems with the return of capital to investors and the beginning of bankruptcy proceedings, the fund continued not only to trade in cryptocurrencies, but also used the funds of creditors for the purpose of personal enrichment of top managers.