The liquidators of Three Arrows Capital have secured a key judgment in the Supreme Court of Singapore, which gives them the right to conduct a full audit of the assets of the crypto fund.
Singapore’s Supreme Court on Monday granted a request by consulting firm Teneo for full access to Three Arrows’ assets. The firm was appointed liquidator by the British Virgin Islands court in June.
Based on the court decision, Teneo will be able to request access to financial transactions and reporting, control bank balances of the bankrupt fund, as well as audit real estate, crypto assets and Three Arrows’ equity interests in other companies.
At the moment, the liquidators control no more than $40 million of Three Arrows assets, and this, they assure, is categorically insufficient to satisfy all requirements. Current claims on the fund are estimated at more than $2.8 billion. And this is not the final debt figure. It could rise significantly as more creditors file their claims.
Earlier, the consulting agency Teneo accused Three Arrows Capital of the fact that despite problems with the return of capital to investors and the beginning of bankruptcy proceedings, the fund continued not only to trade cryptocurrencies, but also used creditors’ funds to enrich top managers personally.
Source: Bits
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