The Monetary Authority of Singapore (MAS) has issued a nine-year prohibition order to Three Arrows Capital (3AC) founders Kyle Davies and Zhu Su over alleged violations of the country’s securities laws.
In a Sept. 14 statement, MAS said Su and Davies will be banned from regulated activities and won’t be permitted to manage, act as a director, or be a substantial shareholder of any capital market services business during the prohibition period that started Sept. 13.
In its decision to bar the pair, MAS said 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.
This is a developing story, and further information will be added as it becomes available.
