The Monetary Authority of Singapore (MAS) “reprimanded” Three Arrows Capital for providing disinformation to investors and managing assets over the permitted limit.
Going back in history, in 2013, Three Arrows Capital registered hedge fund operations in Singapore with the two co-founders, Zhu Su and Kyle Davies. Accordingly, the regulator only allows the company to manage the maximum amount of assets (AUM) of 250 million SGD.
However, with the latest announcement, Mas said the company violated the AUM threshold between July 2020 and September 2020 and November 2020 and August 2021. They also reprimanded 3AC for not informing managers of changes related to shareholders and company directorship.
3AC moved its headquarters to Dubai at the end of April, just days before the LUNA-UST collapse followed a series of chain effects in the market.
In addition, Mas also said it is assessing whether 3AC is violating any of Singapore’s laws.
3AC is challenging when it has legal troubles with many countries worldwide – as an inevitable consequence of the LUNA-UST collapse. Just yesterday, on June 29, the courts of the British Virgin Islands ordered the liquidation of the company’s assets for insolvency.
Not only that but many exchanges are also linked. Coinbase is sued for “negligent” listing TerraUSD (UST) and Binance.US allegedly misleading investors about Terra.
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