US$50m sale for scam-linked Singapore building pulled after 3 days

Asia News Network

Meanwhile, at least US$15 billion (S$19.4 billion) worth of Bitcoin and tens of millions in other assets, including properties in places such as London and the Pacific island of Palau, have been seized by the authorities in the US and Britain.

Three Singaporeans – Nigel Tang, Chen Xiuling and Alan Yeo – were sanctioned by the US authorities on Oct 14 in connection with the probe. Their assets in the US have also been blocked or frozen.

National Development Minister Chee Hong Tat on Nov 5 revealed that the police in Singapore were already investigating Chen Zhi and his associates prior to his indictment in the US.

Chee, who is also deputy chairman of the Monetary Authority of Singapore, was responding to questions in Parliament about actions taken against Chen Zhi.

Following the sanctions in the US and Britain, Prince Group issued a statement on Nov 11 rejecting the notion that the firm or its chairman Chen Zhi was involved in any unlawful activity.

The statement said the ongoing allegations against the group were “baseless” and appeared to be aimed at justifying the seizure of assets worth billions of dollars.

Chen Zhi’s whereabouts are currently unknown, but SPF has said he is not in Singapore.