3AC founders could be in contempt if they ignore new court order

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Elusive Three Arrows Capital (3AC) founders Kyle Davies and Su Zhu face being found in contempt of court if they fail to respond to an order summoning them to court in the British Virgin Islands, reports CoinDesk.

The pair have been ordered to attend court on May 22 to aid in the collapsed firm’s liquidation proceedings. The order stipulates that they must hand over all documentation relevant to the company’s bankruptcy by April 14. 

Authorities probably shouldn’t hold their collective breath waiting for Davies and Zhu to get in touch. Back in February, a filing on behalf of 3AC representatives claimed that the firm’s founders had “refused to meaningfully engage” when they were sent a subpoena demanding access to its financial records.

“This is not a question of partial compliance,” read the filing, “but of no compliance whatsoever.”

Davies has previously claimed that he has been “cooperating all the way,” however, this doesn’t extend to telling authorities where he actually is.

Read more: New photos of 3AC yacht in Malta show no sign of Davies and Zhu

Davies and Zhu are quiet but they’ve been busy

Despite Davies’ continued efforts to prevent Foreign Representatives from gaining access to documents and information, he has remained active on social media and in crypto.

Indeed, as reported last month, Davies and Zhu have reportedly been attempting to raise tens of millions to start a new crypto exchange called OPNX.

The new company would reportedly allow users to buy and sell bankruptcy claims from failed crypto firms, using the claims as collateral.

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