BangkokPost-Oct 17
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 labor 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. 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. Read more at: https://www.bangkokpost.com/world/3121894/singapore-ties-to-alleged-cambodian-scam-ring-under-spotlight?tbref=hp
