Three Arrows Capital (3AC) founders Zhu Su and Kyle Davies were subpoenaed on Twitter on Jan. 5, after the liquidators granted permission from Singapore authorities following a United States bankruptcy court order.
As reported by Cointelegraph, liquidators' lawyers have repeatedly failed to engage with the founders in recent months. “A communication protocol was agreed between the liquidators and founders but has not yielded satisfactory cooperation,” according to a hearing presentation on Dec 2.
The subpoena requests Su and Davies to "furnish all documents available to you regardless of whether this information is possessed directly by you, your agents, representatives, employees, or investigators; or by any other legal or non-legal entities controlled by or in any manner presently or precisely affiliated with you."
If the documents required are no longer in the possession, custody or control of the co-founders, the subpoena requires them to "state the date and nature of the document and explain why the document is unavailable."
Liquidators announced back in December that they had sought to subpoena the founders through Twitter. Three Arrows Capital has faced challenges in its bankruptcy process in recent months due to the unknown whereabouts of its founders, Su Zhu and Kyle Davies.
Liquidators for the hedge fund have previously claimed that the founders are located in Indonesia and the United Arab Emirates, where it is difficult to enforce foreign court orders. In addition, the founders' citizenship and location have been called into question by the court, as it could impact the court's ability to exercise personal jurisdiction over them.
This is a developing story and will be updated.