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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Zhu Su was arrested at Singapore’s Changi Airport on 29 September 2023 and began serving a four-month prison term. The Singapore High Court had imposed that sentence four days earlier for contempt of court: Su and fellow Three Arrows Capital co-founder Kyle Livingston Davies had intentionally failed to comply with an order requiring them to disclose information and documents about the company. The sentence was for disobeying that order, not for the collapse of Three Arrows Capital itself.
Why was Zhu Su arrested in Singapore?
The arrest followed a committal order in the liquidation of Three Arrows Capital Ltd, a British Virgin Islands company. Its liquidators sought recognition of the BVI liquidation in Singapore, where the founders had ties to a related company. A Singapore High Court disclosure order dated 30 November 2022 required Su and Davies to provide sworn accounts of their dealings with Three Arrows Capital Ltd and dealings between it and Three Arrows Capital Pte Ltd, as well as relevant documents in their possession or control. The Court of Appeal later stated: “The Applicants failed to comply with the Disclosure Order.” (Singapore Court of Appeal, [2024] SGCA 14)
The liquidators sought permission to bring committal applications on 26 May 2023. The court granted permission on 30 June, then granted the applications on 25 September and sentenced each founder to four months’ imprisonment for intentional non-compliance. Su was arrested at Changi Airport and committed to prison on 29 September. The Court of Appeal recorded that Davies remained outside Singapore. ([2024] SGCA 14; [2025] SGCA 31)
What the sentence was—and was not—for
The prison term was imposed for contempt of court arising from breach of the disclosure order in the liquidation process. It was not a sentence for fraud, for causing the fund’s collapse, or simply for being unable to repay creditors. Those are distinct matters, and the committal order’s stated basis was non-compliance with the court’s requirement to provide information and documents.
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Why the disclosure order mattered to the liquidation
Su and Davies were directors of Three Arrows Capital Pte Ltd, a Singapore company that owned all the shares in Three Arrows Capital Ltd, the BVI company being liquidated. The order sought information about the BVI company’s affairs and its dealings with the Singapore entity, giving liquidators material relevant to the winding-up process.
Teneo, the liquidators’ firm, told The Business Times that the liquidators intended to engage Su during his sentence about Three Arrows Capital matters, focusing on recovering assets belonging to the company or acquired using its funds. Teneo described recovering assets for creditors and maximizing returns as the liquidators’ priority. These were the liquidators’ stated aims, not findings made by the court. (The Business Times, 29 September 2023)
What happened to each co-founder
| Founder | Sentence | Status recorded by the courts |
|---|---|---|
| Zhu Su | Four months’ imprisonment for contempt, imposed on 25 September 2023 | Arrested at Changi Airport and committed to prison on 29 September 2023 |
| Kyle Livingston Davies | Four months’ imprisonment for contempt, imposed on 25 September 2023 | Remained outside Singapore at the time recorded by the Court of Appeal |
([2024] SGCA 14; [2025] SGCA 31)
What later court decisions addressed
Su was examined in court in December 2023 under a further order obtained by the liquidators. On 10 May 2024, the Court of Appeal issued [2024] SGCA 14, addressing the procedural character of examination orders under section 244 and holding that they are final rather than interlocutory. That judgment also explained why permission to appeal was unnecessary for the applications before it; it did not impose the original prison sentence.
On 24 June 2025, the Court of Appeal issued [2025] SGCA 31, addressing later related appeals arising from applications to set aside orders and Su’s examination order. It recorded that the founders knew about the disclosure order by 5 January 2023 at the latest and that their setting-aside applications were made after a long delay and were out of time. These later procedural decisions should not be confused with the September 2023 committal decision.
Separate Singapore regulatory measures
The Business Times reported that Singapore’s Monetary Authority prohibited Su and Davies from regulated investment activity for nine years, effective 13 September 2023. The report also said MAS reprimanded Three Arrows Capital over false information, failures to notify the regulator of changes, exceeding an assets-under-management threshold, and lacking a risk-management framework for digital-asset investment risks. These are regulatory matters reported by the newspaper, separate from the contempt sentence. (The Business Times, 29 September 2023)
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