Singapore Police Indicate 3AC's Su Zhu Was Arrested, Wife Repurposes Villa Into An Urban Farm

Singapore Police Indicate 3AC’s Su Zhu Was Arrested, Wife Repurposes Villa Into An Urban Farm

Updated: 05 October 2023

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Singapore police appeared to confirm that Three Arrows Capital (3AC) co-founder Su Zhu has been arrested.

When Reuters asked the police to confirm if a man arrested last week was Su, the police responded that they had arrested a 36-year-old man at Changi Airport on September 29.

Last week, corporate insolvency and bankruptcy solutions firm Teneo, which is liquidating the bankrupt crypto hedge fund, said that Zhu was arrested at Singapore’s Changi Airport on Sept. 29 when he was trying to leave the country.

Teneo statement on Su Zhu's arrest pic.twitter.com/ixKIxZywSb

— Katherine Ross (@byKatherineRoss) September 29, 2023

3AC’s other co-founder, Kyle Davies, remains at large.

Teneo said it obtained a committal order from Singapore Courts on September 25 for Zhu’s failure to cooperate with liquidation investigations. Co-founder Davies also received a similar committal order.

Liquidators Recovering 3AC Assets

The committal order against the duo sentences them to four months in prison upon arrest. Teneo said that as Zhu serves his prison sentence, the liquidators will engage with him in recovering assets that belong to 3AC. It also includes assets purchased using funds sourced from 3AC.

Early last month, the Monetary Authority of Singapore banned Zhu and Davies from conducting regulated investment activity in Singapore for nine years. The 3AC liquidators are seeking to recover $1 billion from the co-founders.

Three Arrows Capital was once one of the largest crypto hedge funds. The fund suffered a massive loss in 2022 after the collapse of the Terra Luna project and owes creditors around $3 billion.

Su Zhu’s Wife Repurposes Villa Into An Urban Farm

Meanwhile, Su Zhu’s wife, Evelyn Tao, has repurposed their luxurious Singapore home into an urban farm now known as Yarwood Homestead.

According to Singapore’s Business Times, the farm is now used to grow vegetables, fruits, and herbs, and rears chicken and ducks.

The luxurious villa was originally purchased for S$48.8 million ($35.6 million) in March last year.

According to Zaobao, the Singapore villa purchased by 3AC founder Zhu Su and his wife for US$35.57 million has been converted into a farm. Zhu’s wife has a PhD in biology from the NUS. The villa is not among 3AC's liquidated assets. https://t.co/PiVCiPQnaN pic.twitter.com/ah9m39M5mG

— Wu Blockchain (@WuBlockchain) October 4, 2023