3AC co-founder Kyle Davies spotted in Bali, sources claim

Regulation

Three Arrows Capital (3AC) co-founder Kyle Davies has reportedly been seen in Bali as he continues to evade authorities over the collapse of the defunct hedge fund.

Davies, who has been embroiled in bankruptcy proceedings following the collapse of 3AC in 2022, has already been sentenced to four months in jail in Singapore for failing to cooperate with investigations into its bankruptcy.

An anonymous source provided Cointelegraph with images that purportedly show Davies with an unknown woman at the Milk and Madu cafe in Canggu, Bali on Nov. 8. Furthermore, separate sources involved with ongoing bankruptcy proceedings in Singapore have confirmed that the 3AC co-founder is based in the Indonesian province. 

The images, which have been withheld from publication, bear a stark resemblance to several photographs that Davies has posted online over the past two years. 

The witness claims that Davies looks “alive, well and happy” and attempted to conceal his visage once he suspected he may have been recognized. The images supplied showed Davies in a signature pink collared shirt and sunglasses.

“It is 100% him. From the shirt and glasses, I also saw him firsthand without the glasses. He then put the glasses on when he felt we “recognized” him and continued to put the glasses on until we left the place and took this from the cashier’s point of view,” the source told Cointelegraph.

Davies’ co-founder Su Zhu was arrested in Singapore on Sept. 29 as he attempted to flee the country, after 3AC liquidator Teneo had secured a civil court order that committed both founders to prison earlier in the month.

The New York Times reported that the pair had spent months in Bali instead of cooperating with bankruptcy proceedings in the United States and Singapore.

Cointelegraph’s source involved in the ongoing case in Singapore said that Davies’ detention depends on the cooperation of Bali authorities. 

Davies has since successfully evaded contempt charges in the U.S. over the bankruptcy case in the country, having renounced his American citizenship in 2022 following his marriage to a Singaporean national and taking up citizenship in the country.

Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York ruled that the court could not “exercise jurisdiction over Mr. Davies” following evidence presented by Davies’ legal representatives that proved he was no longer an American citizen.

The judge hinted that the foreign representatives could consider compelling Davies’ compliance through Singaporean courts. He denied the contempt motion and said the U.S. court could largely not “exercise jurisdiction over Mr. Davies.”

Davies’ pending arrest and four-month sentence in Singapore is a result of a committal order secured by Teneo for contempt of court.

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