Three Arrows Capital misleaded the supervisory authorities in Singapore: MAS
Three Arrows Capital misleaded the supervisory authorities in Singapore: MAS
- The Central Bank of Singapore found that Three Arrows Capital had misled the supervisory authorities when it signaled that it had shifted fund management to the British Virgin Islands
- The company's branch in Singapore has managed more assets than allowed in the past two years in two longer periods
Three Arrows Capital (3AC), the decaying cryptocurrency hedge fund company, was moved another blow by putting on the wrath of the central bank of Singapore because it had ignored the limits of the managed assets (AUM) and provided misleading information.
The Monetary Authority of Singapore (MAS) has issued 3ac a strict misconception letter - which it calls a "call" - in which the battered company has bypassed local regulations.
The MAS, which is also the country's central bank and financial supervisory authority, found that 3AC had wrongly informed the supervisory authorities about who did his offshore unit, under which a large part of the recent business of 3AC took place.
3ac has its headquarters in Singapore, but is entered on the British Virgin Islands (BVI).
According to MAS, 3AC informed the supervisory authorities in early September 2021 that it officially relocated the administration of his only fund to his company on the BVI.
The 3AC headquarters in Singapore resumed the administration of some assets in February this year, said Mas, before announcing MAS at the end of April that she would completely stop the fund management in Singapore after the first week of May.
in a Press release On Thursday, the MAS supervisory authorities said that they were misleading the assertion of 3AC that the administration of his fund to his BVI unit was misleading because both units had a common shareholder-co-founder and company manager Su Zhu.
3AC also failed to inform MAS within the prescribed time frame (14 days) about changes to the directors' items and stock participations of its directors, ZHU and co -founder Kyle Davies.
The Singapore Wachhund will continue to deal with Three Arrows Capital
In addition, 3ac was always up to 250 million s $ (180 million US dollars) at any time since it was registered with the Singapore authorities in 2012.
mas found that the company had exceeded this border between July and September 2020 and November 2020 and August 2021. Mas said that 3ACs examined it for violations of its regulatory responsibilities last year.
Blockworks has contacted MAS to obtain further information about the extent to which the company exceeded its AUM restrictions, as well as the value of the assets that are still kept in the Singapore unit of 3AC.
"In view of the latest developments that question the solvency of the fund managed by Three Arrows Capital, MAS checks whether there have been further violations of Three Arrows Capital against MAS regulations," said MAS in his press release.
While MAS's complaint is just a tightly formulated memo, it only comes a few days after a BVI court has ordered the liquidation of 3AC. The company was confronted with insolvency rumors all the month after it had lost around $ 400 million by claiming claims when the cryptocurrency markets collapsed between May and June.
Practical in harmony, Voyager Capital issued a formal reminder for cryptocurrency loans worth more than $ 650 million on Monday 3ac.
The global advisory unit Teneo Restructuring will in future manage the BVI-based assets from 3AC and start a website through which the creditors of the crypto hedge company can assert claims.
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The article Three Arrows Capital Misled Regulator in Singapore: MAS is not a financial advice.
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