Singapore Imposed a 9-Year Trade Ban on the Founders of a Giant Company!

Singapore Monetary Authority (MAS), Three Arrows Capital to the founders nine years old imposed a ban on them, preventing them from participating in the country’s regulated financial services sector.

Founders of Three Arrows Capital Receive Nine-Year Trading Ban in Singapore

Su Zhu and Kyle Davies were barred from engaging in any regulated activity and were barred from holding management positions, directorships or significant shares in capital markets services firms.

The banning decision followed an investigation launched by MAS after the fund was reprimanded in June 2022 for disseminating false information to the public.

The investigation also scrutinized the roles played by Zhu and Davies in establishing Three Arrows in Singapore and the British Virgin Islands.

MAS highlighted a number of regulatory breaches, including Three Arrows’ failure to notify the agency of its appointment of a new fund manager, making false claims about that manager’s regulated activities and its lack of adequate risk management protocols.

Loo Siew Yee, Deputy Director General of Policy, Payments and Financial Crimes at MAS, emphasized that fund managers’ senior management must implement robust risk management measures to protect investors. Yee said:

“MAS takes seriously Mr Zhu and Mr Davies’ blatant disregard for MAS’s regulatory requirements and their directors’ dereliction of their duties. “MAS will take action to weed out senior executives who engage in such misconduct.”

The latest measures underline regulators’ commitment to maintaining transparency, compliance and ethical behavior in the financial services and cryptocurrency sectors.

*This is not investment advice.

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