How is Prince Group linked to companies in Singapore?

Head of Cambodian firm in alleged global scam set up family office and bought property here

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The alleged head of a Cambodian criminal ring and his associates set up a family office in Singapore that claimed to receive tax breaks, while also building relationships with firms backed by state investor Temasek and spending millions on properties in the city-state.

Chen Zhi, the chairman of Prince Holding Group, heads what US prosecutors say is one of the largest transnational criminal organisations in Asia. He and multiple associates, including three Singapore citizens, were sanctioned by US authorities on Oct 14 over their alleged involvement in a ring that used cryptocurrency to launder billions generated from online investment scams.

The operation allegedly used forced labour in Cambodia to emotionally manipulate thousands of victims around the world, fattening their accounts and then draining them in a practice known as “pig butchering”.

Now the case is prompting the authorities and firms in Singapore to review the group’s financial ties to the business hub.

Chen and key associate Chen Xiuling were involved in the setting up of single family office DW Capital Holdings in 2018, which claimed to receive a 13X tax incentive from the Monetary Authority of Singapore (MAS). Chen Zhi is its founder and chairman, according to the office’s website. Chen Xiuling has been its chief financial officer since 2021, according to a separate exchange filing.

“We are looking into whether there have been any breaches of MAS’ requirements in relation to this case,” said an MAS spokesperson.