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