JAKARTA – Investment company Three Arrows Capital (3AC) has gone bankrupt some time ago. In recent weeks, 3AC has not been separated from negative news regarding its founders, Su Zhu and Kyle Davies.
According to reports, Zhu and Davies are alleged to have purchased a yacht using borrowed funds. The report is contained in a document filed with the Singapore High Court for recognition of the British Virgin Islands liquidation process.
Davies is reportedly interested in owning the largest yacht of all the yachts ever owned by a billionaire in Singapore. The two founders of Three Arrows Capital bought a yacht worth 50 million US dollars (Rp 749 billion). The purchase was made while their hedge fund company was under investigation.
This fact refutes Zhu's claim that he does not own a yacht directly. The cruise ship owned by both is scheduled to be sent to Italy in the next two months.
According to a recent report, rumors of 3AC's bankruptcy began circulating in mid-June. In early June, the beleaguered hedge fund filed for bankruptcy after a British Virgin Islands-based court ordered the liquidation of the company.
The court filings also show that the hedge fund firm had about $600 million of exposure to the Terra blockchain, which collapsed last May.
Decrypt reports that Three Arrows Capital has $3.5 billion in debt to creditors, including $2.3 billion to Genesis.
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