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Crypto fund co-founder arrested, jailed in Singapore: liquidator

Co-founder of the now-defunct cryptocurrency hedge fund, Three Arrows Capital, Su Zhu, has been said to have been detained and sentenced to four months’ imprisonment in Singapore

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One of the co-founders of collapsed cryptocurrency hedge fund Three Arrows Capital has been apprehended in Singapore and jailed for four months, according to the company’s liquidator.

The Singapore-based company filed for bankruptcy last year when its fortunes suffered a sharp decline after a massive sell-off of assets it had bet on as prices nosedived in crypto markets.

Su Zhu was detained at Singapore’s Changi airport while trying to leave the city-state, Three Arrows’ liquidator Teneo said in a statement late Friday.

His arrest came after Teneo said it obtained a committal order this week against Zhu for failing to comply with its investigation into the company’s failure.

“The committal order granted by the Singapore Courts sentenced Mr Zhu to 4 months’ imprisonment,” Teneo said.

His co-founder Kyle Davies was also committed to four months in prison but “his whereabouts remain unknown at this point in time”, it said.

Singapore’s monetary authority had banned the pair “from conducting regulated investment activity for nine years each”, Teneo said.

The liquidator, ordered to preside over the bankruptcy by a court in the British Virgin Islands, is attempting to recover the assets of Three Arrows and bring returns to its creditors after the company failed.

However it has accused Zhu and Davies of not cooperating with the effort to return funds and failing to voluntarily provide information.

In a profile in The New York Times in June, the pair said they had been travelling since the hedge fund’s collapse, including to the Indonesian resort island of Bali where they had been surfing and meditating.

Singapore police did not immediately respond to a request for comment.

— AFP

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Civil Society

Three women to contest charges over pro-Palestinian procession outside Istana

Three Singaporean women, charged under the Public Order Act for organizing a pro-Palestinian procession on 2 February, will contest their charges at trial, a court heard on 18 September. About 70 people participated in the February event, carrying watermelon-adorned umbrellas as a symbol of Palestinian resistance while delivering letters to then-Prime Minister Lee Hsien Loong.

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SINGAPORE: Three Singaporean women charged in connection with a pro-Palestinian procession to the Istana will contest their charges at trial, a court heard on Wednesday (18 September).

The defendants are Annamalai Kokila Parvathi, 35, an activist with the Transformative Justice Collective (TJC); Siti Amirah Mohamed Asrori, 29, a social media influencer; and Mossamad Sobikun Nahar, 25, a community worker.

They were charged in June under the Public Order Act for organizing an unpermitted procession on 2 February.

During the court hearing on Wednesday, the trio, through their lawyer, indicated their intention to contest the charges and claim trial.

Siti Amirah and Mossamad are accused of organizing the procession that occurred between 2pm and 3pm along the perimeter of the Istana, a restricted area.

Kokila is charged with abetting the conspiracy by collaborating with Siti, Mossamad, Alysha Mohamed Rahmat Shah, Anystasha Mohamed Rahmat Shah, and other unnamed individuals to organize the event.

According to a previous police statement, around 70 people gathered outside a mall on Orchard Road at about 2pm on 2 February before marching towards the Istana.

They carried umbrellas painted with watermelon images, symbolizing support for Palestinians amidst the ongoing Israel- Palestinian conflict.

The watermelon, reflecting the colors of the Palestinian flag, has become a symbol of solidarity.

Social media posts indicate that participants of the Letters for Palestine event walked from Plaza Singapura to the Istana to deliver letters addressed to then-Prime Minister Lee Hsien Loong.

The cases have been adjourned to October for pre-trial conferences.

If convicted under the Public Order Act, the women face a potential penalty of up to six months’ imprisonment, a fine of up to S$10,000, or both.

The police have reiterated their call for the public to avoid actions that could disrupt peace, public order, and social harmony in Singapore.

They advised that while strong feelings about the Israel-Hamas conflict are understandable, lawful means of expression, such as participating in organized forums, dialogues, and donation drives, are preferable to illegal protests.

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Singapore

COE prices surge across most categories, Open Category hits S$113,104

COE premiums rose on 18 September, with the Open Category hitting S$113,104, the highest since December 2023. Category A and B premiums also saw increases, while commercial vehicle COEs remained stable.

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Certificate of Entitlement (COE) premiums surged across most categories on 18 September, with the Open Category recording the steepest increase, reaching S$113,104.

This marks the highest price since December 2023, when the premium for an Open Category COE peaked at S$118,388.

The Category A COE, designated for smaller and less powerful cars as well as electric vehicles (EVs), rose by 2.1% to S$98,524 from S$96,490 at the previous tender on 4 September. This is the highest price recorded for Category A COEs in 2024.

Category B COEs, which apply to larger and more powerful cars and EVs, saw a 3.5% increase, with premiums rising to S$110,001 from the previous S$106,300.

Meanwhile, the Open Category, or Category E, which can be used to register any vehicle except motorcycles but is often applied to larger vehicles, rose by 5.8% to S$113,104, compared to S$106,901 from the earlier tender.

In contrast, the COE premium for commercial vehicles (Category C) remained largely unchanged at S$74,000, only S$1 below the figure from the previous exercise.

The premium for motorcycle COEs (Category D) saw a modest 1% increase, reaching S$9,900, up from S$9,801 in the last round.

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