The co-founder of Three Arrows Capital did not appear in court due to a change of citizenship
Date: 2023-08-03 Author: Karina Ziganova Categories: IN WORLD
Three Arrows Capital (3AC) co-founder Kyle Davis has decided to challenge the contempt petition, arguing that U.S. laws no longer apply to him. The Block writes about it.
Born and raised in the US, Davis told the court that he renounced his US citizenship at the end of 2020 and no longer considers himself under the jurisdiction of the US courts.
“For the avoidance of doubt, I do not submit to or accept the jurisdiction of the courts in the United States,” Davis wrote.
According to court documents, Davis renounced his citizenship at the US embassy in Singapore, citing a decision to live in the country for a long time. He said he married a Singaporean citizen in 2017, received permanent residency and has two children in the country. Since Singapore does not allow dual citizenship, it has chosen to renounce US citizenship.
Davis refuses to come to court
Davis first cited the renunciation of citizenship as a reason for failing to appear in court. Due to the long ignorance of the court, lawyers for the 3AC liquidators demanded that Davis be found guilty of contempt of court and fined $10,000 a day until he responds to court letters.
Davis and his lawyers responded by saying that the court could not force the subpoena because the founder of the foundation was no longer a US citizen. By law, the court cannot send subpoenas outside the country to those who are not US citizens or residents.
3AC founders don't care about litigation
Despite 3AC's billions in debt, fund founders Su Zhu and Kyle Davis have no intention of apologizing. They both stated that they are happy with the way their financial condition has turned out, and now they have enough money to never work again.
So, Zhu lives with his family in Singapore in a $35 million mansion. Davis travels to expensive resorts and looks for new investment options.
