Wife of disgraced Three Arrows co-founder sells Singapore mansion for $51 million

Singapore - The wife of Zhu Su, the co-founder of collapsed cryptocurrency hedge fund Three Arrows Capital (3AC), has managed to sell a mansion she owns in Singapore for $51 million, despite a court-imposed freeze on some of the couple’s other assets.

The sale by Ms Tao Yaqiong, also known as Evelyn, was inked in July and completed in October, according to property records seen by Bloomberg News. The so-called good class bungalow (GCB) sits on 1,446 sq m of land in Dalvey Road, near the Singapore Botanic Gardens. Ms Tao bought the house for $28.5 million in 2020 and has since redeveloped it.

Zhu, along with co-founder Kyle Davies, once built 3AC into one of the world’s largest crypto-native hedge funds. But it imploded in 2022 after a series of bad bets, amid a broader crypto rout and a spate of collapses in the sector.

Since then, Zhu, who once boasted on social media about “buying all the good class bungalows in Singapore”, has seen his fortunes worsen further.

In 2023, Singapore’s financial regulator imposed nine-year bans on Zhu and Davies from conducting regulated financial activities in the city, and Zhu was briefly jailed for a few months in 2023 for failing to cooperate with the task of winding up Three Arrows.

Teneo, the liquidators of 3AC, successfully sought a worldwide US$1.14 billion (S$1.5 billion) freeze on the assets of Zhu, Davies and

Davies’ wife Kelly Chen

in 2023, arguing that the fund’s creditors are owed roughly US$3.3 billion.

Assets subject to the disposal ban include another

GCB in Yarwood Avenue

, which Zhu bought with his wife for $48.8 million in late 2021 in their role as trustees, and sought to sell in 2022, Bloomberg News previously reported. It also includes another smaller house owned by Zhu in Balmoral Road.

Teneo did not respond to a phone call and e-mail sent outside office hours. Zhu did not immediately answer a message sent via social media.

The Dalvey Road house was purchased by Mr Chrispianto Karim, a Singapore citizen, the records show.

The Business Times, which earlier reported the transaction, said that he is a member of the Indonesian Karim family, which controls Musim Mas Group, a palm oil conglomerate headquartered in Singapore. BLOOMBERG