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Singaporean Court Rules that DeFiance Capital’s $140 Million Dispute With 3AC Liquidators Must Proceed Locally

15 August 2023
in Business, News
Reading Time: 3 mins read
101 8
Singaporean Court Rules that DeFiance Capital's $140 Million Dispute With 3AC Liquidators Must Proceed Locally

Source: watcher.guru

Despite the liquidator’s objections, a Singaporean court has ruled that the legal proceedings concerning the $140 million dispute between Teneo Capital, Three Arrows Capital (3AC)’s liquidators, and DeFiance Capital must take place within the country.

These contested funds are currently managed by DeFiance Capital, an independently managed investment fund that was once part of 3AC’s corporate structure. The liquidators claimed the funds should be considered part of the 3AC estate and distributed to creditors. On the other hand, DeFiance Capital argued that the funds should be treated separately and returned to its individual investors.

Teneo Capital also argued that the trial for this case should either not proceed at all, or if it must, it should be conducted in the British Virgin Islands, where the fund was originally based. DeFiance Capital opposed this and advocated for the trial to be held in Singapore, where its founder, Arthur Cheong, and the fund’s investors are located.

In a decisive ruling, Judge Chua Lee Ming of the Singapore International Arbitration Centre determined that the trial should indeed take place in Singapore. Judge Ming justified this decision by citing the fact that the contested assets are currently situated in Singapore, as well as the presence of pertinent witnesses related to the case.

Among the disputed assets are cryptocurrencies and NFTs worth $115 million, presently held by DeFiance Capital. Additionally, there are 69 future equity agreements signed under the name of 3AC.

An exclusive report from The Block revealed that a similar hearing concerning the dispute is simultaneously unfolding in the British Virgin Islands. The outcome of this hearing is still pending. However, the potential for conflicting decisions from these separate jurisdictions raises the possibility of parallel proceedings and different final judgments on the same matter.

It’s worth noting that Teneo Capital was appointed by a court in the British Virgin Islands to oversee the liquidation of 3AC subsequent to its filing for bankruptcy in 2022. As a means to fund the liquidation process, the liquidators disclosed plans in March 2023 to auction off certain NFT collections under their possession.

 

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Tags: 3ACSingapore
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Favour Olaiya

Favour Olaiya

Favour is passionate about education and empowering people through knowledge sharing. He creates content centered around societal development and providing access to technology. When he's not doing this, you can find him nose-deep in classic books or taking a deep dive into the intriguing history of science.

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