Cambodia's Prince Group Targeted by US and UK Sanctions Over Cyber Fraud Allegations
Chen Zhi, a British-Cambodian tycoon, and his conglomerate, Prince Holding Group, have been sanctioned by the US and UK for alleged involvement in transnational cyber fraud schemes targeting billions of dollars worldwide.
US and UK authorities have unveiled sanctions against Chen Zhi, a prominent British-Cambodian businessman, and his company, Prince Holding Group, accused of managing extensive cyber scam operations that involve forced labor and have resulted in significant financial losses globally.
The sanctions aim to freeze the assets of both Chen and his business empire in the two countries.
Chen Zhi is the 37-year-old chairman of one of Cambodia’s largest conglomerates, Prince Holding Group, which has a global presence with investments exceeding $2 billion in real estate, financial services, and consumer businesses since its inception in 2015.
The group, known for its influence in Cambodian politics and business, operates extensively across more than 30 countries.
Its chairman has served as an advisor to Prime Minister Hun Manet and his predecessor, former leader Hun Sen.
Chen Zhi holds dual citizenship in Britain and Cambodia and has been bestowed the government honorific title of "Neak Ook" or "prominent tycoon" by the Cambodian government.
Critics allege that Prince Holding Group’s operations are deeply intertwined with the ruling party and governmental structures, functioning as a significant patronage organization.
The sanctions against Chen Zhi and Prince Group were announced by the US Department of Justice, which accuses them of being fronts for "one of Asia’s largest transnational criminal organizations".
The US indictment charges Chen with fraud and money laundering involving Bitcoin worth approximately $15 billion.
It is alleged that his company directed operations from compounds in Cambodia where thousands of workers, some trafficked, were forced to carry out cryptocurrency investment scams known as ‘pig butchering’ schemes.
The UK sanctions have also been imposed on similar grounds, targeting the group’s global activities that allegedly caused billions of dollars in losses worldwide.
Both countries' authorities argue that Chen and his company used political influence and bribery to protect their illicit operations across multiple jurisdictions.
Prince Holding Group has denied these allegations, stating that any claims made against them are unfounded.
Despite this, the sanctions impose a freeze on assets and properties held by Chen and Prince Group in both the US and UK, representing a significant legal challenge for the conglomerate.
Cambodia's interior ministry stated it will cooperate with the sanctions imposed by the international community but stopped short of accusing Prince Holding Group or Chen Zhi of criminal activity.
The move by the US and UK to impose sanctions is described as "groundbreaking" by experts in transnational crime, signaling a serious blow to the operations of such influential business figures.
The sanctions aim to freeze the assets of both Chen and his business empire in the two countries.
Chen Zhi is the 37-year-old chairman of one of Cambodia’s largest conglomerates, Prince Holding Group, which has a global presence with investments exceeding $2 billion in real estate, financial services, and consumer businesses since its inception in 2015.
The group, known for its influence in Cambodian politics and business, operates extensively across more than 30 countries.
Its chairman has served as an advisor to Prime Minister Hun Manet and his predecessor, former leader Hun Sen.
Chen Zhi holds dual citizenship in Britain and Cambodia and has been bestowed the government honorific title of "Neak Ook" or "prominent tycoon" by the Cambodian government.
Critics allege that Prince Holding Group’s operations are deeply intertwined with the ruling party and governmental structures, functioning as a significant patronage organization.
The sanctions against Chen Zhi and Prince Group were announced by the US Department of Justice, which accuses them of being fronts for "one of Asia’s largest transnational criminal organizations".
The US indictment charges Chen with fraud and money laundering involving Bitcoin worth approximately $15 billion.
It is alleged that his company directed operations from compounds in Cambodia where thousands of workers, some trafficked, were forced to carry out cryptocurrency investment scams known as ‘pig butchering’ schemes.
The UK sanctions have also been imposed on similar grounds, targeting the group’s global activities that allegedly caused billions of dollars in losses worldwide.
Both countries' authorities argue that Chen and his company used political influence and bribery to protect their illicit operations across multiple jurisdictions.
Prince Holding Group has denied these allegations, stating that any claims made against them are unfounded.
Despite this, the sanctions impose a freeze on assets and properties held by Chen and Prince Group in both the US and UK, representing a significant legal challenge for the conglomerate.
Cambodia's interior ministry stated it will cooperate with the sanctions imposed by the international community but stopped short of accusing Prince Holding Group or Chen Zhi of criminal activity.
The move by the US and UK to impose sanctions is described as "groundbreaking" by experts in transnational crime, signaling a serious blow to the operations of such influential business figures.
