SINGAPORE: The police on Oct 30 seized and issued prohibition of disposal orders against six properties and various financial assets tied to Cambodian businessman Chen Zhi and his company, Prince Group, in relation to money laundering and forgery offences.
The assets, including bank accounts, securities accounts and cash, have a total estimated value of more than S$150 million (US$115 million), said the police on Oct 31.
Other assets – including a yacht, 11 cars and multiple bottles of liquor – were also subject to prohibition of disposal orders.
Prince Group is a self-described multinational business conglomerate, with projects in Cambodia that include resorts and hotels.
Chen, who hails from Fujian in China and is also known as Vincent, has been accused by the US authorities of wire fraud and money laundering conspiracies, and for directing the operation of forced-labour scam compounds in Cambodia. He has been charged in absentia in New York.
Three Singaporeans – Nigel Tang, Chen Xiuling and Alan Yeo – were also sanctioned by the US authorities on Oct 14 in connection with a cybercrime probe linked to the Prince Group. Their assets in the US have also been blocked or frozen.
At least US$15 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.
