{"id":181363,"date":"2023-09-14T05:39:57","date_gmt":"2023-09-14T05:39:57","guid":{"rendered":"https:\/\/precoinnews.com\/?p=181363"},"modified":"2023-09-14T05:39:57","modified_gmt":"2023-09-14T05:39:57","slug":"singapores-central-bank-slugs-three-arrows-founders-with-9-year-ban","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/singapores-central-bank-slugs-three-arrows-founders-with-9-year-ban\/","title":{"rendered":"Singapore\u2019s central bank slugs Three Arrows founders with 9-year ban"},"content":{"rendered":"
Singapore\u2019s central bank has issued nine-year prohibition orders to Kyle Davies and Zhu Su over alleged violations of the country’s securities laws at their co-founded crypto hedge fund Three Arrows Capital (3AC).<\/p>\n
In a Sept. 14 statement, the Monetary Authority of Singapore (MAS) said Su and Davies will be banned from regulated activities during the prohibition period that started Sept. 13.<\/p>\n
They also won\u2019t be permitted to manage, act as a director, or be a\u00a0substantial shareholder of any capital market services business in Singapore. <\/p>\n
In its decision to bar the pair, MAS said it found further securities law violations when it undertook further investigations into the bankrupt 3AC and its co-founders.<\/p>\n
MAS claimed Su and Davies failed to notify the central bank that 3AC employed a new business representative, gave false information to the regulator, and failed to have an appropriate risk management framework in place.<\/p>\n
Related: Huobi\u2019s new name, HTX, raises community eyebrows<\/strong><\/em><\/p>\n Loo Siew Yee, MAS\u2019 assistant managing director of policy, payments and financial crime, said, \u201cMAS takes a serious view of Mr Zhu\u2019s and Mr Davies\u2019 flagrant disregard of MAS\u2019 regulatory requirements and dereliction of their directors\u2019 duties.”<\/p>\n “MAS will take action to weed out senior managers who commit such misconduct,\u201d she added.<\/p>\n Last June, MAS <\/p>\n Magazine: Asia Express: Tencent\u2019s AI leviathan, $83M scam busted, China\u2019s influencer ban<\/em><\/strong><\/p>\n