The sprawling business empire of Chen Zhi, the China-born chairman of Cambodia’s Prince Holding Group, is rapidly unraveling as U.S. and UK authorities crack down on alleged transnational criminal operations. Bloomberg reports that Chen, who cultivated influence across Southeast Asia and beyond, faces sanctions targeting 146 entities and individuals linked to his conglomerate, while Singapore police have seized more than S$150 million in assets, including a yacht, luxury cars, and liquor collections.
Chen, 37, established a vast business network stretching from Cambodia to Hong Kong, Singapore, Taiwan, and even Palau. The empire included interests in real estate, finance, airlines, and hospitality. He worked to cultivate an image of legitimacy and philanthropy, gaining favor with Cambodian leaders, including former Prime Minister Hun Sen and his son, current Prime Minister Hun Manet. Three years ago, Hun Sen gifted world leaders, including U.S. President Joe Biden, luxury Lotus Tourbillon wristwatches crafted by a watchmaking school set up by Prince Group. Bloomberg notes that Biden transferred the watch to the U.S. National Archives. Similar gifts were presented to Canadian and Australian leaders, who also eventually forfeited their watches.
Despite the carefully cultivated image, U.S. prosecutors allege that Chen and his network operated scam centers employing forced labor, laundering billions of dollars in stolen funds, and leveraging political influence to shield operations across multiple countries. The indictment highlights transactions involving luxury properties, Bitcoin seizures worth $15 billion, and assistance from international contacts, including a foreign government official who helped obtain a diplomatic passport used by Chen to travel to the United States.
Bloomberg reports that Chen’s Singapore operations were extensive, including a family office, co-working spaces, a warehouse for luxury goods, and properties in prime locations. He invested heavily in London, Hong Kong, and Taiwan, amassing offices, residential complexes, and public company stakes valued at hundreds of millions. Authorities have frozen these assets as part of the enforcement action. The U.S. Treasury Department also designated two of Chen’s listed companies in Hong Kong—Geotech Holdings Ltd. and Khoon Group Ltd.—on its sanctions list, with combined stakes worth roughly $14 million.
The crackdown exposes how Prince Group thrived “in plain sight” for years, leveraging open financial systems in Hong Kong and Singapore while expanding into ambitious projects in Cambodia, such as the $16 billion Ream City development, now renamed the Bay of Lights. Bloomberg reports that despite red flags emerging last year, regional and international businesses continued dealings with Prince Group, relying on governments to mitigate risks. Hospitality companies, including CapitaLand’s Ascott and Radisson Hotel Group, had partnerships with Chen-linked entities, many of which have now been terminated following the sanctions.
Authorities in Singapore, Hong Kong, and Taiwan are investigating Chen’s network, while the Cambodian government has declined to comment, emphasizing broader regulatory issues in the country. Chen remains at large, and Prince Group has denied allegations of money laundering and illegal activity. Bloomberg’s reporting highlights the striking contrast between the company’s polished international image—complete with luxury gifts for world leaders—and the sprawling alleged criminal network now under global scrutiny.
