SINGAPORE: Singapore authorities may seize more assets linked to Cambodian national Chen Zhi after they were revealed in court.
The Commercial Affairs Department (CAD) is reportedly looking at cheques worth over S$3.7 million, bonds exceeding US$200,000 (S$257,000), and security deposits of S$362,200, following a Nov 18 court application by a former human resource manager of Mr Chen’s Singapore-based family office, DW Capital, seeking access to the funds’ release, Malay Mail reported, citing The Straits Times.
DW Capital’s former manager, acting for the firm’s sole remaining director, Karen Chen Xiuling, sought the release of over S$332,000 for salaries since the accounts were frozen, S$459,000 for corporate taxes, and about S$102,000 a month for future expenses.
The request involved funds held by four Singapore-registered companies linked to Mr Chen. Of the four companies, DW Capital, Capital Zone Warehousing, and Skyline Investment Management are sanctioned by the US Treasury, while Citylink Solutions is not.
CAD objected to the release, citing “complex ongoing investigations spanning massive volumes of transactions going back to 2017.” No judgment has been issued.
The case is part of a wider international crackdown.
In October, the US and Britain sanctioned Mr Chen and his conglomerate Prince Holding Group over alleged money laundering, wire fraud and forced-labour operations in Cambodia. The US Treasury labelled Prince Group a “transnational criminal empire” and seized about US$15 billion worth of Bitcoin. British authorities, on the other hand, froze 19 properties linked to the group.
Singapore police also seized assets worth over S$150 million, while at least eight bank accounts under Revolut and Maybank linked to the four companies were frozen, holding more than US$513,000 and over S$3.5 million, respectively. CAD said the funds are suspected to be linked to the criminal activity.
Ms Chen, an independent director of Singapore-listed live-streaming firm 17Live Group, voluntarily resigned after she, Alan Yeo Sin Huat, and Nigel Tang Wan Bao Nabil were sanctioned by the US. Ms Chen is believed to be in Cambodia. Mr Tang, captain of Mr Chen’s superyacht, was arrested on Dec 11, while Mr Chen and Mr Yeo’s whereabouts remain unknown.
Another former executive director of Singapore-based FSM Holdings, Mr Li Thet, also immediately resigned in October after he was linked to Cambodia’s Prince Group.
Last month, Prince Group denied the allegations as “baseless,” saying they were aimed at justifying what it called the “unlawful seizure of assets worth billions of dollars.” /TISG
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