Singapore rejects request to release funds from firms linked to alleged Cambodian scam kingpin Chen Zhi
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- Chen Zhi’s troubles started on Oct 14, 2025, after the US and Britain announced sweeping sanctions on him, his Prince Group and his close associates. PHOTO: PHNOM PENH POST/ASIA NEWS NETWORK
Published Wed, Jan 7, 2026 · 07:43 PM
Singapore rejects request to release funds from firms linked to alleged Cambodian scam kingpin Chen Zhi
- Chen Zhi’s troubles started on Oct 14, 2025, after the US and Britain announced sweeping sanctions on him, his Prince Group and his close associates. PHOTO: PHNOM PENH POST/ASIA NEWS NETWORK
Published Wed, Jan 7, 2026 · 07:43 PM
[SINGAPORE] A district judge from the State Courts has dismissed the application made by a former employee of alleged Cambodian scam kingpin Chen Zhi, for the release of seized funds.
This comes after the former human resources manager of Chen’s Singapore-based family office, DW Capital, known as Ng, filed the application on Nov 18, 2025.
She had made the application on behalf of DW Capital’s sole remaining director, Karen Chen Xiuling, who is sanctioned by the US and remains outside Singapore – despite multiple attempts requesting her assistance in investigations in the Republic.
Ng’s application asked 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.
In documents seen by
The Straits Times, District Judge Kok Shu-en said she questioned Ng’s application as she considered if Ng was even in a position to speak credibly on the financial interests of the companies she was making the application for.
The judge said that Ng’s November 2025 affidavit had not disclosed the sources of her information.
Judge Kok said that even though Ng had resigned from the firm on Oct 17, 2025, she was somehow able to clearly detail the non-liquid assets held by the four companies.
She noted that Ng’s role at DW Capital was limited to recruitment and payroll matters, and it was unclear why she could speak with authority on the financial situation of the four companies in the application.
Said the judge: “Even if I were to accept the contents of Ng’s affidavit without any reservation, which I do not, the indication therein is that three of the applicant companies are connected to other entities that are located outside of Singapore.” The judge added that Chen Zhi is ultimately the beneficiary of the four applicant companies, whether directly or indirectly.
Judge Kok also said: “Given these connections with entities outside of Singapore, this leaves open the question as to whether there are alternative sources that are associated with these foreign parent entities that are available to the applicant companies.”
The judge said the information before her continues to point towards a large-scale and complex investigation into possible money laundering offences with a significant transnational element.
Judge Kok said more time was needed for the investigations to progress and for more information to be obtained.
She added that it was in the interests of justice for the seized properties to be preserved, particularly given the suspected nature of the seized properties.
ST understands that the judgment was passed on Jan 7.
The four firms involved in the application are linked to Chen, either directly or through his British Virgin Islands-registered family office, Global Treasure Development.
Three of them – DW Capital, Capital Zone Warehousing and Skyline Investment Management – are among firms sanctioned by the US Treasury. The fourth, Citylink Solutions, is not on the list of sanctioned companies.
In response to queries from ST, lawyer Clarence Lun Yaodong of Fervent Chambers, who is the lead counsel for the applicants, said: “We are presently reviewing the decision released with our client and will consider our options.”
Global sanctions
Chen’s troubles started on Oct 14, 2025, after the US and Britain announced sweeping sanctions on him, his Prince Group and his close associates.
The US and British authorities had accused the group of committing money laundering and wire fraud offences, and operating forced-labour scam compounds in Cambodia.
As part of the sanctions, the US Treasury designated Prince Group, a massive Cambodia-based corporation with interests spanning real estate, financial and consumer services, as a transnational criminal empire.
Several assets owned by the group were seized globally, including nearly 130,000 bitcoins worth around US$15 billion, and some 19 properties in London, including one worth nearly £100 million (S$173 million).
Among the 146 people and entities sanctioned by the US Treasury were three Singaporeans – Karen Chen Xiuling, Alan Yeo Sin Huat and Nigel Tang Wan Bao Nabil. They were 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.
ST understands that Yeo and Karen Chen left Singapore between September and October.
Tang, the captain of Chen’s superyacht, Nonni II, was arrested on Dec 11 over his suspected involvement in money laundering offences.
Additionally, 17 Singapore-registered entities were implicated over their links to Chen and Prince Group. This effectively bars US entities from conducting any transactions with them and requires the blocking of any property in their possession or under their control.
About two weeks after the announcement, the Singapore Police Force conducted raids on Oct 30, 2025, and seized assets worth more than S$150 million, including six properties, a yacht and 11 luxury vehicles.
On Nov 4, Taipei detained 25 people and seized NT$4.5 billion (S$183 million) in assets linked to Prince Group, including 26 high-end cars, properties and bank accounts.
The same day, Hong Kong froze assets worth HK$2.75 billion (S$452 million) linked to the syndicate.
More seizures
At least eight accounts under Revolut and Maybank, held by the four companies, were frozen after the police issued orders of seizure days after the sanctions were announced. Revolut is a global financial technology company headquartered in London.
There was more than US$513,000 in the Revolut accounts, and more than S$3.5 million in the Maybank accounts.
These were the accounts that were the target of the November 2025 application.
Investigations by the Commercial Affairs Department (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.
Affidavits seen by ST showed the CAD had objected to the application in December 2025, citing the complex investigations spanning copious volumes of transactions going back to 2017.
Local authorities said a probe into Chen and his associates was launched in 2024, after police received financial intelligence from the Suspicious Transaction Reporting Office.
ST understands that CAD is also in the midst of seizing additional assets from Chen and Prince Group after the application filed by Chen’s former employee revealed the existence of further assets.
These include cheques for more than S$3.7 million, bonds valued at more than US$200,000 and security deposits worth S$362,200.
On Nov 11, 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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