SINGAPORE (Bloomberg): The wife of Zhu Su, the co-founder of collapsed cryptocurrency hedge fund Three Arrows Capital, has managed to sell a mansion she owns in Singapore for S$51 million (US$38.5 million), despite a court-imposed freeze against some of the couple’s other assets.
The sale by Tao Yaqiong, also known as Evelyn, was inked in July and completed last month, according to property records seen by Bloomberg News.
The so-called good class bungalow sits on 1,446 square meters (15,568 square feet) of land at Dalvey Road, near the Singapore Botanic Gardens. Tao bought the house for S$28.5 million in 2020 and has since redeveloped it.
Zhu, along with co-founder Kyle Davies, once built 3AC into one of the world’s largest crypto-native hedge funds. But it imploded in 2022 after a series of bad bets, amid a broader crypto rout and a spate of collapses in the sector.
Since then, Zhu, who once boasted on social media about "buying all the good class bungalows in Singapore,” has seen his fortunes worsen further.
In 2023, Singapore’s financial regulator imposed nine-year bans on Zhu and Davies from conducting regulated financial activities in the city, and Zhu was briefly jailed for a few months last year for failing to cooperate with the task of winding up Three Arrows.
Teneo, the liquidators of 3AC, successfully sought a worldwide $1.14 billion freeze on the assets of Zhu, Davies, and Davies’ wife Kelly Chen last year, arguing that the fund’s creditors are owed roughly $3.3 billion.
Assets subject to the disposal ban include another mansion in Singapore’s Yarwood Avenue, which Zhu bought with his wife for S$48.8 million in late 2021 in their role as trustees, and sought to sell in 2022, Bloomberg News previously reported. It also includes another smaller house owned by Zhu in Balmoral Road.
Teneo didn’t respond to a phone call and email sent outside office hours. Zhu didn’t immediately answer a message sent via social media.
The Dalvey house was purchased by Chrispianto Karim, a Singapore citizen, the records show. The Business Times, which earlier reported the transaction, said that he is a member of the Indonesian Karim family, which controls Musim Mas Group, a palm oil conglomerate headquartered in Singapore.
--With assistance from Annie Lee. -- ©2024 Bloomberg L.P.
