{"id":25726,"date":"2026-01-04T22:07:45","date_gmt":"2026-01-04T14:07:45","guid":{"rendered":"https:\/\/sgbuzz.com\/?p=25726"},"modified":"2026-01-04T22:07:45","modified_gmt":"2026-01-04T14:07:45","slug":"sanctioned-chen-zhis-hong-kong-firms-rocked-by-resignations-and-frozen-assets","status":"publish","type":"post","link":"https:\/\/sgbuzz.com\/?p=25726","title":{"rendered":"Sanctioned Chen Zhi\u2019s Hong Kong firms rocked by resignations and frozen assets"},"content":{"rendered":"<p><br \/>\n<\/p>\n<div id=\"\">\n<div datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1xdhyk6 ec74h0k0\">Recently sanctioned Chinese-born Cambodian businessman <a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/topics\/chen-zhi?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"noopener\"><span data-qa=\"Component-Text\" class=\"css-0 ef9u0v00\">Chen Zhi<\/span><\/a> has been linked to a network of entities in Hong Kong, with the move triggering regulatory measures and prompting auditors and directors to quit those firms.<\/div>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Company documents reviewed by the Post reveal an interconnected group of firms sharing directors and addresses tied to Chen, luxury real estate and previously appointed international business figures, raising questions about the depth of his operations in Hong Kong and the potential exposure of associated entities.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Hong Kong police have frozen HK$2.75 billion (US$353 million) in assets, including cash, stocks and funds, believed to be the proceeds of crime from his cross-jurisdictional telecoms fraud and money-laundering network.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">The US Department of the Treasury designated Chen\u2019s Prince Group network as a \u201ctransnational criminal organisation\u201d in mid-October, alleging that the group runs a criminal enterprise through online investment scams such as \u201cpig butchering\u201d, human trafficking, torture, money laundering and illegal online gambling.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Chen remained the controlling shareholder of two sanctioned Hong Kong\u2011listed firms, Geotech Holdings and Khoon Group, as of Friday.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Geotech Holdings stated in mid\u2011October that it expected no \u201cmaterial adverse impact\u201d on operations, noting that Chen had no role in the group.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Grant Thornton, however, resigned as Geotech\u2019s auditor with effect from November 21 last year, citing US sanctions on Chen, a former executive director and the controlling shareholder, according to another company filing.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.scmp.com\/news\/hong-kong\/law-and-crime\/article\/3338657\/sanctioned-chen-zhis-hong-kong-firms-rocked-resignations-and-frozen-assets\" target=\"_blank\" rel=\"noopener\">Read Full Article At Source <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recently sanctioned Chinese-born Cambodian businessman Chen Zhi has been linked to a network of entities in Hong Kong, with the move triggering regulatory measures and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":25727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[2611],"tags":[],"class_list":["post-25726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-headlines","wpcat-2611-id"],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/25726","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25726"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/25726\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/media\/25727"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}