Friday, September 30, 2022

3AC’s Zhu Su Puts Up His Luxurious Singapore Home for Sale

The founder of Three Arrows Capital (3AC), Su Zhu has come under scrutiny again. According to recent reports from Bloomberg, Su Zhu is putting up his Singaporean mansion for sale after 3AC’s implosion.

As per data from Singapore Land Authority, Zhu Su and his wife acquired the luxurious property at Singapore’s Yarwood Avenue for $35 million last December.

Popularly called a good-class bungalow, the luxurious detached house is one of 2800 in the city.

The good-class bungalows are located in Singapore’s highbrow districts. The buildings are status indicators for the Singaporean elites.

The property, which occupies over 30,000 square feet, is $1,532 per square foot (PSF).  Zhu Su and his wife assigned the property as a “trustee” for their child. 

The former billionaire also owns another luxurious property in Dalvey Road. He is yet to respond to the rumors about his Yarwood Avenue property.

Three Arrows Capital woes continue despite its liquidation

Recall that 3AC has been declared liquidated following the order of a British Virgin Island (BVI) court. The BVI court gave the order after weeks of continued troubles for the hedge fund, as one of the aftermaths of the Terra-Luna crash.

Earlier this past week, the Monetary Agency of Singapore (MAS) sanctioned the hedge fund manager for providing false information. MAC also reprimanded the firm for exceeding the legal asset under management (AUM) by law.

Per the regulations, 3AC can only manage about 30 investors with a cumulative asset worth $250 million. The firm exceeded this limit more than once between July 2020 and August 2021.

Also, 3AC told the regulators it had moved its fund management to an unrelated offshore entity last year. Meanwhile, Zhu Su, a shareholder of 3AC, was also a shareholder of the said offshore entity.

With 3AC now liquidated, the MAS continues to investigate the firm under three count charges. The charges are failing to provide accurate information, failing to notify MAS about the transfer of position, and breach of the AUM threshold.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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