[SINGAPORE] More assets in Singapore linked to Cambodian businessman Chen Zhi and his firm, Prince Group, may be seized after their existence was disclosed in a court hearing.
The Straits Times understands that the Commercial Affairs Department (CAD) is looking to seize cheques of more than S$3.7 million, bonds valued at over US$200,000, and security deposits worth S$362,200.
A former employee of Chen’s Singapore-based family office, DW Capital, had filed an application on Nov 18 for the release of funds from the family office, according to affidavits seen by ST.
The application in court was filed by the former human resources manager of DW Capital on behalf of the firm’s sole remaining director, Karen Chen Xiuling.
The former HR manager is understood to have made the application for the release of funds from DW Capital, high-value warehouse storage firm Capital Zone Warehousing, car financing firm Skyline Investment Management, and IT consultancy business Citylink Solutions.
All four firms are linked to the 38-year-old Fujian-born Chen, either directly or through his British Virgin Islands-registered family office, Global Treasure Development.
DW Capital, Capital Zone Warehousing and Skyline Investment Management are among firms sanctioned by the US Treasury. Citylink Solutions is not on the list. The application in court was filed by the former human resources manager of DW Capital on behalf of the firm’s sole remaining director, Karen Chen Xiuling.
The former HR manager is understood to have made the application for the release of funds from DW Capital, high-value warehouse storage firm Capital Zone Warehousing, car financing firm Skyline Investment Management, and IT consultancy business Citylink Solutions.
All four firms are linked to the 38-year-old Fujian-born Chen, either directly or through his British Virgin Islands-registered family office, Global Treasure Development.
DW Capital, Capital Zone Warehousing and Skyline Investment Management are among firms sanctioned by the US Treasury. Citylink Solutions is not on the list.
The former manager had applied for the release of more than S$332,000 for expenses such as salary incurred since the bank accounts were frozen, S$459,000 for corporate taxes owed, and approximately S$102,000 every month for future expenses.
According to court documents, CAD objected to the release of the funds, citing complex ongoing investigations spanning massive volumes of transactions going back to 2017.
ST understands that a judgment has not been issued on the application.
Lawyer Clarence Lun Yaodong of Fervent Chambers is lead counsel for the applicants.
Money laundering
On Oct 14, the US and Britain announced sweeping sanctions on Chen and Prince Group, as well as their known associates, accusing the group of engaging in money laundering and wire fraud offences, and operating forced-labour scam compounds in Cambodia.
The US Treasury designated Prince Group as a transnational criminal empire.
Around the same time, the US authorities seized almost 130,000 bitcoins, worth a total of around US$15 billion, linked to Prince Group.
The authorities in Britain separately seized at least 19 properties in London, including one worth nearly £100 million (S$173 million). Following the announcement in the US, the Singapore Police Force conducted an islandwide raidon Oct 30 that resulted in the seizure of six properties, a yacht, 11 vehicles and other assets with a combined value of more than S$150 million.
The authorities in Singapore had launched a probe in 2024, after police received financial intelligence from the Suspicious Transaction Reporting Office regarding Chen and his associates.
DW Capital is among 146 people, companies and entities linked to the tycoon sanctioned by the US Treasury.
Checks by ST show Chen is the ultimate beneficiary of the four Singapore-registered companies in the application, through direct or indirect ownership structures.
At least eight accounts under Revolut – a global financial technology company headquartered in London – and Maybank held by the four companies were frozen after the police issued orders of seizure days after the sanctions were announced.
There was over US$513,000 in the Revolut accounts, and more than $3.5 million in the Maybank accounts.
Ongoing investigations by CAD suggest that the money in the seized bank accounts is suspected to be proceeds or benefits of criminal conduct by either Chen or his associates.
ST understands there are seven additional bank accounts linked to two other firms that have been frozen by the authorities. The manager did not apply for the release of funds from these accounts.
Three Singaporeans were implicated in the probe – Karen Chen Xiuling, Alan Yeo Sin Huat and Nigel Tang Wan Bao Nabil.
The three individuals were also sanctioned by the US authorities and added to the US Specially Designated Nationals and Blocked Persons list.
This means any assets the trio hold in the US or that are in the possession of the US government will be blocked or frozen. US citizens and companies are also generally prohibited from transacting with those on the list.
Tang, the captain of Chen’s superyacht, christened Nonni II was arrested on Dec 1 over his suspected involvement in money laundering offences.
Nonni II was owned and managed by a company called Warpcapital Limited in August 2018. Management of the luxury superyacht was handed over to Warpcapital Yacht Management in June 2022, before the pleasure craft was sold to a Middle Eastern buyer in December 2024.
Chen and DW Capital chief executive Yeo’s whereabouts remain unknown, while Karen Chen is said to be travelling in Cambodia.
ST understands Yeo and Karen Chen left Singapore some time between September and October, and have so far remained outside the Republic, despite attempts by the police to reach them to assist in investigations.
They are the only two who have remained employed since news of the sanctions broke.
On Nov 11, Chen’s Prince Group issued a statement to reject any accusations levied against the company and Chen.
The Cambodian conglomerate said the allegations were “baseless” and appeared to be designed to justify the seizure of its assets worth billions of dollars. THE STRAITS TIMES
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