3AC's Su Zhu to be released and faces trial in Singapore
Su Zhu, co-founder of the now-defunct crypto hedge fund Three Arrows Capital (3AC), will be released this month following his arrest in September for failing to cooperate with liquidation efforts, Bloomberg reported, citing sources familiar with the matter.
Zhu also faces two days of questioning in a Singapore court this week, Bloomberg added.
The hearing requires him to respond to liquidator Teneo's lawyers for the first time as he seeks to gather information on behalf of creditors owed $3.5 billion following the collapse of 3AC last year. Details sought include the cause of the fund's bankruptcy and the location of the assets. The information will be shared with creditors to help maximize recoveries, Bloomberg's sources said, requesting anonymity as the proceedings are private.
The proceedings are a civil matter and Zhu has not faced any criminal charges in Singapore.
