MAS has banned the Three Arrows Capital founders from managing, directing, or being a shareholder of any registered capital markets services firm in Singapore.
a nine-year prohibition order against the founders of Three Arrows Capital, which prohibits them from operating in the country’s regulated financial services industry.
Su Zhu and Kyle Davies will be prohibited from performing any regulated activity and from taking part in the management of, acting as a director of, or becoming a substantial shareholder, of any capital market services firm, the release says.after it reprimanded the fund in June 2022 for providing false information to the public and the role Zhu and Davies played in Three Arrows’ Singapore and British Virgin Island entities.
The regulator says that Three Arrows’ failed to notify MAS of the appointment of a new fund manager, falsely claimed to MAS that this manager wasn’t conducting regulated activities, and failed to have in place an appropriate risk management framework. “Senior management of fund managers are required to implement robust risk management measures to protect the interest of investors,” Loo Siew Yee, Assistant Managing Director of Policy, Payments & Financial Crime said in a release. “MAS takes a serious view of Mr. Zhu’s and Mr. Davies’ flagrant disregard of MAS’ regulatory requirements and dereliction of their directors’ duties. MAS will take action to weed out senior managers who commit such misconduct.
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