Three Arrows Capital Co-founder Spotted in Bali Amid Evasion of Bankruptcy Investigations
Summary:
Kyle Davies, co-founder of the collapsed hedge fund Three Arrows Capital (3AC), has allegedly been spotted in Bali, avoiding investigations into the firm's downfall. Currently facing bankruptcy charges, Davies has a four-month prison sentence in Singapore. Sources confirm he is now residing in the Indonesian region. His business partner, Su Zhu, was arrested in September attempting to flee Singapore. Davies has successfully avoided charges in the US by renouncing his American citizenship after marrying a Singaporean national.
Kyle Davies, one of the founders of the collapsed hedge investment firm, Three Arrows Capital (3AC), has allegedly been spotted in Bali while avoiding investigations in the wake of 3AC's downfall. Davies, who is currently facing bankruptcy charges following his company's collapse in 2022, has been awarded a four-month prison sentence in Singapore for non-compliance with the bankruptcy inquiry. An unverified individual forwarded pictures to Cointelegraph, apparently showing Davies in the company of an unidentified woman at Canggu's Milk and Madu café in Bali, dated November 8. Separate sources linked to ongoing bankruptcy cases in Singapore have confirmed that Davies is residing in the Indonesian region. The unpublished images resemble a series of photos Davies has shared over the recent years. According to the provider of the photos, Davies seemed to be in good health and tried to hide his face once he sensed he had been identified. The images displayed Davies dressed in his typical pink shirt along with sunglasses. "Undoubtedly, it's him. Even without his glasses, I spotted him. Later, he put on the glasses as he presumably 'recognized' us and kept them on till we left the site," the source informed Cointelegraph. Su Zhu, Davies' business partner, was apprehended in Singapore on Sept. 29 whilst attempting to leave the country after Teneo, the 3AC liquidator, had obtained a civil court order sending both founders to jail earlier in the same month. The New York Times outlined that the duo chose to spend time in Bali instead of engaging with bankruptcy proceedings in the United States and Singapore. Meanwhile, Cointelegraph's source related to the ongoing legal process in Singapore stated that Davies' arrest relied on Bali officials' assistance. Following his 2022 nuptials to a Singaporean citizen, Davies renounced his U.S. citizenship, thereby avoiding an American contempt of court charge related to the bankruptcy issue in the United States. American Judge Martin Glenn stated, after receiving given proof, that Davies was no longer a U.S. national, the U.S. court was unable to exercise jurisdiction over Davies. He suggested that foreign legal representatives might think about seeking Davies' cooperation via Singapore's legal system. His non-conformity to court orders resulted in Davies' yet-to-be-implemented arrest and a four-month term, following a committal order obtained by Teneo.
Published At
11/16/2023 1:56:45 PM
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