Three Arrows Capital (3AC) Founder Indicts Liquidators Of Acting In Bad Faith
Liquidation is a dirty business and the latest proceedings of Three Arrows Capital (3AC) are no different. However, Zhu Su, the founder of Three Arrows Capital (3AC) has denied that he is not cooperating with the liquidators and has instead indicted the liquidators of breach of their duty.
Mr Zhu has spoken to the media for the first time via Twitter were he has vented his frustrations on the liquidators whom he accused of baiting him and profiting from his desire to complete the process in good faith. He also attached two separate notices sent by Zhu Su’s legal team Advocatus Law LLP.
Three Arrows Capital (3AC) Founder Junks Charges Of Non-Cooperation
In a notice put out by Christopher Anand Daniel, managing partner at Advocatus Law LLP, the liquidators have been indicted for acting in bad faith and baiting the founders of 3AC. Christopher also lamented that the founder of 3AC has been at the receiving end, threatened and cajoled, and has been facing questions from the Monetary Authority of Singapore, which led to time pressure.
In a long list of complaints, Advocatus Law LLP has charged the liquidators with leaking highly sensitive court filings to the media. Daniel also notified that Zhu Su and Kyle Davies will not attend the court proceedings today. The notice has also sought appropriate sanctions from relevant authorities.
In another independent filing, Zhu Su’s legal team accused the liquidators of a breach of trust by not exercising the StarkWare token purchase offer. This has resulted in considerable loss to the company. The notice claims that Zhu Su is also an investor and creditor in the company, and has been unfavorably affected by this failure.
Meanwhile, experts opine that Three Arrows Capital’s (3AC) bankruptcy will harm the industry.