DeFiance Capital's $140M Dispute With 3AC Liquidators Will Be Heared In Singapore

Odaily Planet Daily News The $140 million dispute between DeFiance Capital and Three Arrows Capital (Three Arrows Capital) asset liquidator Teneo will be tried in Singapore, which is against the liquidator's wishes. The dispute concerns assets managed by DeFiance Capital, a fund that operates independently of 3AC but is part of its corporate structure. According to court documents, the liquidators claimed that the funds should be held as part of 3AC’s assets and distributed to creditors, while DeFiance Capital claimed that the funds should be handled separately and returned to their own investors. While the liquidators denied the case should have gone to trial at all, they said any trial should take place in the British Virgin Islands, where the fund structure is based. DeFiance Capital believes that the fund should be held in Singapore, as its founder Arthur Cheong and the fund’s investors are based in Singapore. In Singapore, Singaporean judge Chua Lee Ming decided to hear the case, according to court transcripts of the Aug. 8 hearing.