CRIMINAL CAPITALI$M
On Oct 14, the US and Britain announced sweeping sanctions on Cambodian businessman Chen Zhi and Prince Group, as well as their known associates.
PHOTO: PHNOM PENH POST/ASIA NEWS NETWORK
Dec 29, 2025
SINGAPORE - More assets in Singapore linked to Cambodian businessman Chen Zhi and his firm, Prince Group, may be seized after their existence was disclosed in a court hearing.
The Straits Times understands that the Commercial Affairs Department (CAD) is looking to seize cheques of more than $3.7 million, bonds valued at over US$200,000 (S$257,000), and security deposits worth $362,200.
A former employee of Chen’s Singapore-based family office, DW Capital, had filed an application on Nov 18 for the release of funds from the family office, according to affidavits seen by ST.
The application in court was filed by the former human resources manager of DW Capital on behalf of the firm’s sole remaining director, Karen Chen Xiuling.
The former HR manager is understood to have made the application for the release of funds from DW Capital, high-value warehouse storage firm Capital Zone Warehousing, car financing firm Skyline Investment Management, and IT consultancy business Citylink Solutions.
All four firms are linked to the 38-year-old Fujian-born Chen, either directly or through his British Virgin Islands-registered family office, Global Treasure Development.
DW Capital, Capital Zone Warehousing and Skyline Investment Management are among firms sanctioned by the US Treasury. Citylink Solutions is not on the list.
No comments:
Post a Comment