Singapore’s central bank imposed nine-year prohibition orders on Su Zhu and Kyle Davies for transgressions at their collapsed crypto hedge fund Three Arrows Capital.

The orders from the city-state’s financial watchdog took effect Wednesday and ban both men from any regulated activity, according to a Monetary Authority of Singapore statement on Thursday.

Zhu and Davies are also prohibited from managing, being directors of, or becoming substantial shareholders of any capital market services company under the Securities and Futures Act, the statement showed.

The central bank faulted Three Arrows for providing false information and failing to implement an appropriate risk management framework.

“MAS takes a serious view of Mr Zhu’s and Mr Davies’ flagrant disregard of MAS’ regulatory requirements and dereliction of their directors’ duties,” Loo Siew Yee, assistant managing director for policy, payments & financial crime, said in the statement.

Zhu and Davies didn’t immediately reply to requests for comment.

Three Arrows imploded in 2022 as leveraged crypto bets went awry, exacerbating a $2 trillion digital-asset rout that contributed to a spate of other collapses and bankruptcies in the sector.

The liquidators of Three Arrows have accused Zhu and Davies of failing to cooperate meaningfully with their investigation. The liquidators are seeking to recover $1.3 billion from the two, reflecting the losses they are accused of racking-up in the months before the firm collapsed.

Zhu has previously said that his and Davies’ good-faith efforts to cooperate with liquidators “was met with baiting.” In email correspondence submitted to a New York bankruptcy court by the liquidators, counsel to Davies and Zhu have said that court orders the liquidators have obtained are “baseless.”

--With assistance from Suvashree Ghosh.

(Updates in the sixth paragraph with efforts to reach Zhu and Davies.)