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Cambodia
AsiaSoutheast Asia

Chen Zhi’s firm breaks silence, denies Cambodian tycoon’s empire built on scam money

Prince Holding Group vowed to clear its name amid global asset seizures and forced labour allegations

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Cambodian tycoon Chen Zhi. Photo: Prince Holding Group
Agence France-Presse

A Cambodian conglomerate whose founder has had more than US$15 billion of allegedly ill-gotten assets seized said it “categorically rejects” claims he amassed his fortune running an internet scam empire.

A frenzy of asset confiscations in Europe, the United States and Asia has targeted Cambodia’s Prince Holding Group – with authorities alleging its founder Chen Zhi was running a transnational criminal organisation.
The US Justice Department in October unsealed an indictment against the tycoon, accusing him of presiding over forced labour camps in Cambodia where trafficked workers conduct online scams.
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US investigators seized around US$15 billion worth of bitcoin they allege are criminal proceeds – the largest forfeiture action in the Justice Department’s history.

Britain also froze business and property assets worth more than US$130 million while Taiwan, Singapore and Hong Kong each swooped with national seizures as high as US$350 million.
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“The Prince Group categorically rejects the notion that it or its chairman, Chen Zhi, has engaged in any unlawful activity,” the company said on Tuesday.

“The recent allegations are baseless and appear aimed at justifying the unlawful seizure of assets worth billions of dollars,” added the statement, the first by the company since the crackdown began.

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