Crypto News-A substantial financial clash involving a sum of $140 million has emerged between DeFiance Capital, an investment fund, and Teneo, the liquidators overseeing the assets of Three Arrows Capital (3AC). The heart of the disagreement centers around the allocation of assets under DeFiance Capital’s management, which was integrated into 3AC’s corporate structure despite operating independently.
DeFiance Capital vs. Teneo Liquidators: Singapore Court to Decide on 140M Dollars Dispute
As detailed in records accessed from The Block, Teneo asserts that these funds rightfully belong to 3AC‘s creditors. In contrast, DeFiance Capital argues for the segregation and return of these assets to its stakeholders.
Teneo’s representatives initially resisted the case being heard and advocated for the trial to be conducted in the British Virgin Islands, aligning with the fund’s original structure. DeFiance Capital, on the other hand, pushed for the hearing to take place in Singapore, citing its founder Arthur Cheong’s location and its investor pool. Singapore’s judiciary, led by Judge Chua Lee Ming, has decided that the case will proceed in Singapore. The judgment, issued after an August 8 hearing, rests on two primary grounds:
The digital assets held by DeFiance Capital are situated in Singapore. The trust’s substantial origins trace back to Singapore. Additionally, the judge emphasized the necessity to scrutinize specific evidence, particularly concerning Cheong’s influence over the fund.
In response to this verdict, Arthur Cheong of DeFiance Capital expressed, “We are highly satisfied with the judgment as it strongly supports our position.” Blossom Hing, an attorney from Drew and Napier representing DeFiance, also welcomed the decision, noting its potential to yield crucial evidence for a just resolution.
Leave a comment