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Three Arrows Capital liquidators seek about $40 million from Zhu Su’s wife

Three Arrows Capital liquidators seek about $40 million from Zhu Su’s wife

The claim targets proceeds from a Dubai property bought before the fund’s June 2022 liquidation, with liquidators alleging the asset was moved beyond creditors’ reach.

Fact Check
The Business Times, the originating primary source, confirms Three Arrows liquidators seek US$40 million from Zhu Su's wife tied to a Dubai property purchased three weeks before the June 2022 liquidation, transferred to the wife while Zhu was jailed. PANews and Tech in Asia corroborate every key detail, including the alleged intent to move the asset beyond creditors' reach. All elements of the claim are supported by multiple sources.
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Summary

Liquidators for failed crypto hedge fund Three Arrows Capital are suing Evelyn Tao Yaqiong, the wife of co-founder Zhu Su, to recover about 146 million dirhams, or roughly $40 million, from the sale of a Dubai property, The Business Times reported. They say the home was bought for about 110 million dirhams, or $30 million, around three weeks before 3AC entered liquidation in June 2022, and that the funds used may have come from a $50 million cryptocurrency loan the fund extended to Zhu. The liquidators also allege Zhu transferred the property to Tao in October 2023 while he was serving time in a Singapore prison, then the home was sold in January 2024. They argue the move was designed to place the asset and its proceeds beyond the reach of creditors, while Tao denies wrongdoing and says the property was a personal gift and that she had been separated from Zhu since 2022.

Terms & Concepts
  • liquidators: Court-appointed managers responsible for recovering and distributing assets of an insolvent company.
  • creditors: Individuals or entities that are owed money by a company or person.