Court of Appeal rejects Three Arrows founders' bid to set aside disclosure orders

The court also overturned a lower court decision permitting liquidators to examine one founder.

The Singapore Court of Appeal has upheld a lower court ruling requiring Three Arrows Capital Ltd (TA-BVI) founders Zhu Su and Kyle Livingston Davies to disclose their dealings with the now-defunct cryptocurrency fund.

However, the court overturned a decision permitting the liquidators to examine Su.

In October 2022, the liquidators sought orders compelling the directors to provide information and produce documents related to TA-BVI's affairs. The court granted these orders, but the founders failed to comply, leading to contempt proceedings. Zhu Su was arrested in Singapore in September 2023 for breaching the orders.

Following his arrest, the liquidators applied for an examination order to question Zhu Su. The court granted this order, and Zhu Su was examined in December 2023. Subsequently, the liquidators initiated proceedings in the British Virgin Islands to recover approximately $84.16m (US$66m) allegedly owed by Zhu Su to TA-BVI.

The Su and Davies appealed the orders, arguing that the examination order was inappropriate due to the concurrent proceedings in another jurisdiction.

Upon reexamination, the Court of Appeal agreed, stating that the liquidators had already decided to sue Su before seeking the examination order, which could have given them an unfair advantage.

Consequently, the court set aside the examination order.

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