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Singapore ties to alleged Cambodian scam ring under spotlight
SINGAPORE — The alleged head of a Cambodian criminal ring and his associates set up a family office in Singapore that claimed to receive tax breaks, while also building relationships with firms backed by state investor Temasek Holdings Pte and spending millions on properties in the city-state.
Chen Zhi, the chairman of Prince Holding Group, heads what US prosecutors say is one of the largest transnational criminal organizations in Asia. He and multiple associates, including three Singapore citizens, were sanctioned by US authorities Tuesday over their alleged involvement in a ring that used cryptocurrency to launder billions generated from online investment scams.
The operation allegedly used forced labour in Cambodia to emotionally manipulate thousands of victims around the world, fattening their accounts and then draining them in a practice known as “pig butchering.” Now the case is prompting authorities and firms in Singapore to review the group’s financial ties to the business hub.
Chen and key associate Chen Xiuling were involved in the setting up of single-family office DW Capital Holdings Pte in 2018, which claimed to receive a 13X tax incentive from Singapore’s financial regulator, the Monetary Authority of Singapore. Chen Zhi is its founder and chairman, according to the office’s website. Chen Xiuling has been its chief financial officer since 2021, according to a separate exchange filing.
“We are looking into whether there have been any breaches of MAS’ requirements in relation to this case,” said a spokesperson for the regulator. DW Capital didn’t respond to a request for comment.
The accusations shine another spotlight on Singapore’s role in the facilitation of criminal activity in the region. Several of the parties found guilty in the city’s largest ever money laundering case also operated family offices that got tax exemptions from authorities there.
It is unclear whether Singapore police will open an investigation into the US accusations. The police force didn’t immediately respond to a request for comment.
Chen Xiuling was an independent director of 17LIVE Group Ltd, a Temasek-backed live-streaming platform. She resigned from the role on Thursday.
Chen Xiuling was appointed when 17LIVE was listed on the Singapore exchange in December 2023 following a merger with Vertex Technology Acquisition Corp, a special purpose acquisition company supported by Temasek and its subsidiary Vertex Ventures. Temasek retained deemed interest of almost 26% in 17LIVE as of March, according to the firm’s latest annual report.
A staff member is reflected in a Temasek Holdings logo at their headquarters in Singapore on Sept 17, 2009. (File photo: Reuters)
17LIVE Chief Investment Officer Joji Koda said in an emailed response to questions before the resignation that Chen Xiuling was appointed after her name was put forward during the so-called de-SPAC process, and that a “usual” due diligence process was run to vet her. He said the firm only became aware of the allegations when contacted by Bloomberg News.
“17LIVE has never done business with DW Capital, Chen Zhi, or Chen Xiuling,” Koda said, adding that neither Temasek nor Vertex Ventures were involved in Chen’s nomination or appointment as director. “17LIVE is not aware as to whether they have ever invested in securities of 17LIVE.”
A spokesperson for Temasek declined to comment.
Property empire
Prince also formed ties with other firms in Singapore as part of its plans to build Ream City, a US$16 billion project in Cambodia’s Sihanoukville. Prince unit Canopy Sands Development Co. appointed SJ Group, a subsidiary of Temasek, to undertake the master planning, urban design and coastal engineering works for the project. Canopy Sands was among the entities named by US authorities with ties to Chen Zhi.SJ Group was not immediately able to comment.
Temasek-backed Singapore property firm CapitaLand Investment Ltd’s lodging unit The Ascott Ltd was appointed by Canopy Sands in 2024 to provide hospitality management services for two hotels in Cambodia.
A spokesperson for Ascott said it does not hold any ownership stake in the properties and takes due diligence of its business partners seriously. Ascott is “reviewing the latest developments and will respond in accordance with the applicable sanctions, laws and regulations.”
Separately, Chen Zhi paid S$17 million (US$13 million) for a luxury penthouse in Gramercy Park, a condominium near Singapore’s Orchard Road shopping belt. Another of his named associates, Li Thet, who is also a Cambodian national, paid S$18.2 million for a nearby home at condo Boulevard Vue, according to transactions reviewed by Bloomberg News.
Prince had denied multiple media reports alleging its involvement with money laundering and crime dating back to 2024 in statements on its website, although the rebuttals were no longer accessible as of Thursday. Prince could not be reached for comment.
