Prince Group's Chen Zhi targeted by Singaporean police in $115M asset seizure

Singapore joins the ranks of major international crackdowns targeting Chen Zhi, the founder and chairman of Cambodia-based conglomerate Prince Holding Group aka Prince Group. 

The US and UK have both targeted Chen this month with coordinated sanctions on 146 entities and individuals tied to Prince Group, including Chen and key associates, in what has been tagged the largest such action ever against a cybercriminal network.

The US Department of Justice charged him with running scam compounds in Cambodia, responsible for stealing billions in cryptocurrency from global victims. The US Treasury Department has reportedly seized over $15 billion in assets, including Bitcoin, London properties worth £100 million, and holdings in Palau, it for being linked to him in what marks the largest ever crypto seizure.

He is now just as popular in law enforcement circles in Singapore, with reports claiming Singaporean police are moving against the Cambodian Prince Group. On October 31, Singaporean police revealed they had launched an enforcement operation against Chen Zhi and his accomplices on October 30, which led to the seizure of assets worth more than $115 million (approximately RMB 800 million).

As part of the enforcement operation, Singapore police have issued restraining orders against a total of six properties and various financial assets registered under the names of Chen Zhi and his accomplices. These assets included bank accounts, securities accounts, and cash, with a total estimated value exceeding S$165 million. The cops also seized a yacht, 11 vehicles, and numerous bottles of alcohol.

Chen acquires Cambodian citizenship, drops Chinese nationality

On his company website, Chen Zhi is described as “a respected entrepreneur and renowned philanthropist” whose “vision and leadership have transformed Prince Group into a leading business group in Cambodia that adheres to international standards.”

He was raised in Fujian province in south-eastern China, and started out with a small internet gaming company that did not have much success. Then he moved to Cambodia around late 2010 or 2011, where he secured employment in the real estate sector 

According to BBC News, this was also around the time Chinese folks were gathering in Cambodia for various reasons, including the fact that new casinos sprang up, as well as gaudy, luxury hotels and apartment blocks. 

Things become bizarre when you consider the status he held in Cambodia. Not only did he become a citizen of other countries like Vanuatu and Cyprus, he also had thriving businesses linked to the Prince property arm, including five-star hotels in Sihanoukville. Chen was even awarded the highest title bestowed by Cambodia’s king, that of “Neak Oknha”, which requires a donation of at least $500,000 to the government, in 2020. 

Despite all this, Chen kept a low profile and was an enigma, saying little in public spaces. “Everyone I’ve spoken to who’s worked with him directly, been in the room with him, they all describe him as very courteous, very calm, very measured,” says Jack Adamovic Davies, a journalist who did a three-year-long investigation of Chen Zhi. “I think not being the kind of flamboyant person that people will write tabloid-y things about was smart. Even those who no longer want to be associated with him are still impressed by his quiet charisma, his gravitas.”

Since news of his sanctions was announced last week, Chen has been AWOL.

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