Singapore recognizes 3AC liquidation, allows further probing

Teneo, the advisory firm handling distressed hedge fund Three Arrows Capital‘s (3AC) liquidation, has received approval from Singapore’s high court to recognize the fund’s liquidation in the city-state, Bloomberg reported. This means that Teneo will have access to any of 3AC’s financial records held in Singapore.

Teneo will now be able to look into the firm’s assets, including properties, bank accounts, company stakes, and digital assets, in the country. 3AC’s core team reportedly has five luxury properties between them in Singapore alone. The firm has already seized US$40 million of 3AC’s assets, though its creditors have reported US$2.8 billion in unsecured claims.

In the US, the hedge fund filed for Chapter 15 bankruptcy in July – months after it was exposed to the Terra crash in May.

The investigation has been facing roadblocks – last month, 3AC’s founders went off the grid, and Teneo said that it had not received “meaningful cooperation” from the team.

See also: Mission impossible: Recovering 3AC’s missing assets