The wife of Three Arrows Capital founder Kyle Davies had applied for the freeze on her Singapore assets to be discharged.
The Singapore Court also granted a domestic freezing order, stating that the trio’s assets in Singapore should be covered by the same restriction. The company’s records showed that in June 2022, she requested to redeem US$70 million in shares in 3AC’s feeder fund, Three Arrows Fund , when the already insolvent company applied for joint liquidators.
There was also a good arguable case that she was holding the assets as a nominee for her husband, Mr Davies. The liquidators also provided evidence of a number of dealings involving Ms Chen and Mr Davies, which suggested that the potential beneficial interests in the GCB should not be undertaken in isolation.In addition, Judge Jeyaretnam said the liquidators demonstrated to the court the real risk of the dissipation of assets by Ms Chen.