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 Holdings 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 Tuesday over their alleged involvement in a ring that used cryptocurrency to launder billions generated from online investment scams.
According to the US, Chen’s facilities used 1,250 mobile phones that controlled 76,000 accounts on a social media platform.
The operation allegedly used forced labor 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 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 Pte in 2018, which claimed to receive a 13X tax incentive from Singapore’s financial regulator, the Monetary Authority of Singapore. 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 a spokesperson for the regulator. DW Capital didn’t respond to a request for comment.
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The accusations shine another spotlight on Singapore’s role in the facilitation of criminal activity in the region. Several of the parties found guilty in the city’s largest ever money laundering case also operated family offices that got tax exemptions from authorities there.
The Prince Group action was part of a suite of measures that the US government announced this week targeting Cambodia-based institutions. The Treasury Department’s Financial Crimes Enforcement Network also issued a “final rule” severing Huione Group from the country’s financial system, citing Bloomberg News reporting to highlight the challenges of shuttering opaque illicit marketplaces.
It’s unclear whether Singapore police will open an investigation into the US accusations against Prince Group. The police force didn’t immediately respond to a request for comment.
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Chen Xiuling was an independent director of 17LIVE Group, a Temasek-backed live-streaming platform. She resigned from the role on Thursday.
Chen Xiuling was appointed when 17LIVE was listed on the Singapore exchange in December 2023 following a merger with Vertex Technology Acquisition Corp, a special purpose acquisition company supported by Temasek and its subsidiary Vertex Ventures. Temasek retained deemed interest of almost 26% in 17LIVE as of March, according to the firm’s latest annual report.
“Temasek has no relationship with Prince Holding Group or any of its subsidiaries, and was not involved in the appointment of any directors to the 17LIVE board, including Chen Xiuling,” a spokesperson for the state investor said. “Further, Temasek does not direct the business operations of its portfolio companies. We expect their boards and management teams to operate independently and in full compliance with the laws and regulations of the markets they operate in.”
17LIVE Chief Investment Officer Joji Koda said in an emailed response to questions before the resignation that Chen Xiuling was appointed after her name was put forward during the so-called de-SPAC process, and that a “usual” due diligence process was run to vet her. He said the firm only became aware of the allegations when contacted by Bloomberg News.
“17LIVE has never done business with DW Capital, Chen Zhi, or Chen Xiuling,” Koda said. “17LIVE is not aware as to whether they have ever invested in securities of 17LIVE.”
Property Empire
Prince also formed ties with other firms in Singapore as part of its plans to build Ream City, a US$16 billion project in Cambodia’s Sihanoukville. Prince unit Canopy Sands Development Co. appointed SJ Group, a subsidiary of Temasek, to undertake the master planning, urban design and coastal engineering works for the project. Canopy Sands was among the entities named by US authorities with ties to Chen Zhi.
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A spokesperson for SJ Group, better known as Surbana Jurong, said it undertook a master planning assignment that ended in 2022, with no ownership or operational role, and added it has robust compliance practices. “We have no ongoing projects with Prince Holding Group and its entities.”
Temasek-backed Singapore property firm CapitaLand Investment’s lodging unit The Ascott was appointed by Canopy Sands in 2024 to provide hospitality management services for two hotels in Cambodia.
A spokesperson for Ascott said it doesn’t hold any ownership stake in the properties and takes due diligence of its business partners seriously. Ascott is “reviewing the latest developments and will respond in accordance with the applicable sanctions, laws and regulations.”
Separately, Chen Zhi paid $17 million for a luxury penthouse in Gramercy Park, a condominium near Singapore’s Orchard Road shopping belt. Another of his named associates, Li Thet, who is also a Cambodian national, paid $18.2 million for a nearby home at condo Boulevard Vue, according to transactions reviewed by Bloomberg News.
Prince had denied multiple media reports alleging its involvement with money laundering and crime dating back to 2024 in statements on its website, although the rebuttals were no longer accessible as of Thursday. Prince couldn’t be reached for comment.
(Updates with Temasek statement in the 11th paragraph)
