The founders of Three Arrows Capital, Kyle Davies and Zhu Su, have been issued a nine-year prohibition order by the Monetary Authority of Singapore (MAS) for allegedly violating securities laws. The order prohibits them from engaging in regulated activities, managing, acting as directors, or being substantial shareholders of any capital market services business during the prohibition period that began on September 13.

MAS found that Su and Davies failed to inform the central bank about a new business representative, provided false information to the regulator, and did not have an appropriate risk management framework in place. Further updates will be provided as the story develops.