Pinned Post
Former Malaysian PM Najib Razak faced 25 charges over allegations that roughly RM2.3 billion (S$727 million) was transferred into his personal bank accounts through a network of offshore entities. PHOTO: AFP
PUTRAJAYA – Former Malaysian prime minister Najib Razak was sentenced to 15 years’ jail on Dec 26 in a case involving the alleged misappropriation of about RM2.3 billion (S$730 million) in funds linked to the 1Malaysia Development Berhad (1MDB) state fund.
Najib faced 25 charges, comprising 21 counts of money laundering and four counts of abuse of power, over allegations that roughly RM2.3 billion was transferred into his personal bank accounts through a network of offshore entities. He was found guilty of all the charges.
The 72-year-old was sentenced to 15 years’ jail by Malaysia’s High Court for each charge of abuse of power and five years for each of the 21 money laundering charges. The sentences are to run…
The chairman of Prince Group, indicted over online scams, and his associates took advantage of Singapore’s reputation as a stable and predictable financial capital.
Singapore's central business district skyline in May. (Edgar Su/Reuters)
SINGAPORE — The co-working space, up on the eighth floor of one of this city-state’s many nondescript office buildings, included a few unique perks: a pool table, karaoke room and private cigar bar.
It was also a front for about a dozen companies that helped launder money on behalf of one of the biggest transnational crime syndicates in Asia, according to U.S. prosecutors, and one that allegedly made its billions by forcing trafficked migrant workers to scam people online.
The United States and British governments this month took their most significant action against the cyberscam industry when they sanctioned Prince Holding Group, one of Cambodia’s biggest conglomerates, and its chairman, Chen Zhi, and froze their assets in…
For years, well-connected but mysterious tycoon Chen Zhi lived the high life. The 38-year-old Chinese billionaire accumulated luxury property around the world, including a mansion in London and designer condos in Singapore. In Cambodia, he built a real estate and business empire that included a bank and a watchmaking school producing luxury timepieces gifted to world leaders.
But Chen’s world unraveled in October 2025, when he was accused by US authorities of operating “one of the largest transnational criminal organizations in Asia.” Alongside the UK, they sanctioned Chen, his associates and related companies. Authorities also accused Prince Holding Group, the conglomerate he founded and chairs, of operating scam centers that laundered billions of dollars stolen from victims worldwide.
For months, there were few signs of Chen even as he mounted a legal counteroffensive against the US charges. Then, in a surprise twist, he was arrested on Jan. 6 in Cambodia and extradited to China for investigations.
Who is Chen Zhi?
Chen was born in China’s Fujian province in 1987. He became a Cambodian citizen in 2014 and subsequently renounced his Chinese citizenship, although China has since said he is still a Chinese national. He also holds passports from Saint Lucia, Vanuatu and Cyprus.
The since-removed website of his Singapore family office described him as a “young business prodigy” who got his start setting up gaming centers in Fujian province’s capital, Fuzhou. He began investing in real estate in Cambodia in 2011, and later founded Prince Holding Group, a Cambodia-based conglomerate whose interests span entertainment, finance and supermarkets.
Chen became politically well-connected in Cambodia, serving as an adviser to the country’s former leader Hun Sen and his son and current Prime Minister Hun Manet. He also advised other senior figures, including former deputy premier and interior minister Sar Kheng and Heng Samrin, the former president of Cambodia’s lower house. Chen was also granted the honorary title of a “Oknha” — roughly equivalent to a lord — typically awarded to those who have made significant financial contributions to the state.
According to US prosecutors, Chen, who also goes by the name Vincent, has lived in Singapore, Taiwan and the UK, where he has numerous assets.
What is Prince Holding Group?
Prince Group grew into a major property conglomerate in Cambodia after it was founded in 2015, buoyed by a real estate boom driven by an influx of Chinese cash. Among its most high-profile projects is a $16 billion, 934-hectare development — now known as the Bay of Lights — being built near the southwestern coastal city of Sihanoukville. Prince Group has received investment from, and formed partnerships with, several multinational firms to develop and operate hotels at the site.
The group also claims to have “over 100 businesses in Cambodia” spanning sectors beyond property, including tourism, logistics and technology. It runs Prince Bank Plc., which began as a micro-financing firm in 2015 and grew within a decade into a mid-sized commercial bank, holding about 4.67 trillion riels ($1.2 billion) in deposits at the end of 2024. The group has also previously claimed to have owned local airline Cambodia Airways.
Through its charitable arm, the Prince Foundation, the group established Prince Horology, a watchmaking school that produced luxury timepieces. Some were gifted to world leaders, including then-US President Joe Biden and Canadian Prime Minister Justin Trudeau, during a regional summit in 2022.
What scams is Prince Group accused of?
US prosecutors allege that Prince built and operated at least 10 scam compounds in Cambodia, where thousands of migrant workers were forced to work in tightly guarded conditions under threats of violence.
The company is accused of specializing in so-called “pig-butchering” scams, in which fraudsters pose as investment advisers or attractive people on social media and messaging apps, slowly cultivating trust — akin to fattening a pig for slaughter. Victims are often emotionally manipulated for weeks or months before being persuaded to hand over money on false pretenses, such as promised investment returns or fabricated pleas for financial help. Fraudsters frequently string victims along by showing fake gains, prompting the victims to send additional funds before the money is siphoned off and the scammers disappear.
US authorities said Chen kept ledgers on Prince Group’s facilities, including one complex that allegedly ran multiple scam operations across different floors and buildings, ranging from investment scams targeting victims in the US to fraudulent orders in Vietnam. These schemes were highly lucrative: one of Chen’s accused co-conspirators later boasted that in 2018 Prince Group earned more than $30 million a day from pig-butchering and related criminal activities.
US prosecutors also allege that Prince Group relied on criminal networks around the world to siphon cash, including one in Brooklyn, New York, that laundered more than $18 million stolen from US victims. Chen is accused of instructing his associates to use “sophisticated cryptocurrency laundering techniques,” such as separating funds across numerous digital wallets before reconsolidating them, obscuring their origins. Chen’s associates are also accused of bribing public officials in multiple countries, including China, to avoid enforcement actions.
How did Prince Group’s scams unravel?
Early cracks in Prince Group’s image began to show in 2020, when courts in China started prosecuting and convicting scam mules with connections to the group, as well as associates accused of facilitating online gambling, which is illegal in mainland China. Authorities in Beijing went as far as setting up a taskforce to investigate Prince Group, which a Chinese court labeled an “enormous online gambling syndicate.” Prince Group previously claimed the convictions stemmed from unauthorized individuals “impersonating” the company.
Scrutiny intensified from 2024 onward, after reports by Radio Free Asia and other media outlets detailed the group’s alleged scam activities. The allegations were strenuously denied by Prince Group, which enlisted a Singapore law firm to counter them. That firm, Duane Morris & Selvam LLP, told Bloomberg in November it no longer represented Prince Group, and earlier denials it helped issue have been removed from Prince’s website.
Authorities in Taiwan and Singapore have also said they began investigating Chen’s network before sanctions on him and his related companies were announced in mid-October, which brought the saga to a head.
What sanctions does Chen and Prince Group face?
In October, the US Treasury Department imposed sweeping financial sanctions on Chen and the Prince Group network, designating the conglomerate as “a transnational criminal organization.”
The measures bar individuals and companies in the US from conducting business with them and cover 146 individuals and business entities in total. They also effectively cut Prince Group off from the global financial system, since most international banks avoid transactions involving US-sanctioned parties. The US Treasury Department said the action would dismantle Prince’s global reach, extending as far as the Pacific nation of Palau, where the group was allegedly working with known organized-crime facilitators to lease an island and develop resorts.
Chen himself faced additional consequences. He was criminally charged in the US with wire-fraud conspiracy and money-laundering conspiracy, tied to allegations that he directed Prince Group’s forced-labor scam operations across Cambodia.
The UK imposed parallel sanctions, though it targeted a narrower set of associates and companies in Chen’s orbit, and froze UK-linked assets, including Chen’s London properties. South Korea followed with its own sanctions in late November, marking the country’s first such action against a foreign scam network. Authorities in Taiwan, Hong Kong, Thailand and Singapore have also frozen or seized assets — including a yacht — held by Prince Group, Chen and his associates, and several arrests have also been made in connection with the case.
How much wealth did Chen accumulate?
Chen once boasted of being worth as much as $60 billion, according to a report in The Times, citing one of Chen’s former staff. While there’s been no independent verification of that figure, ample evidence points to considerable wealth.
A major component was cryptocurrency. US authorities described it as a “record” seizure when they announced in October that they had confiscated of 127,271 Bitcoin, worth about $15 billion at the time, from accounts controlled by Chen. That was in addition to stakes in listed companies and a global portfolio of assets in the UK, Hong Kong, Taiwan and Japan. Those holdings included a £100 million ($134 million) office building in London’s old financial district and luxury condominiums in Singapore. In Singapore, two family offices linked to Chen lost tax exemptions after the sanctions were announced.
The wealth was matched by an extravagent lifestyle. Chen traveled in high-end vehicles, including a black Mercedes-Maybach with the vanity plate “5555.” Prince Group also frequently hosted lavish events, including aboard NONNI II, a 53-meter (174-foot) luxury superyacht.
What has happened to Chen and Prince Group?
When Chen was charged in October, US authorities said he was “at large.” Despite his public disappearance, he appointed a top US law firm, Boies Schiller Flexner LLP, to challenge the legality of the seizure of his Bitcoin holdings.
Prince Group initially went silent after the US sanctions were announced, but later issued a statement on Nov. 11, saying it “categorically rejects the notion” that it or Chen had engaged in any unlawful activity. It called the allegations “baseless” and said they appeared “aimed at justifying the unlawful seizure of assets worth billions in dollars.”
Chen’s associates mounted a legal effort in Singapore to unfreeze cash held in bank accounts linked to Chen’s various firms, but the bid was rejected by a judge in January.
Initially after the US and UK sanctions were imposed, Cambodia’s Interior Ministry spokesman Touch Sokhak told the Associated Press that Prince had met all legal requirements to operate in Cambodia and that the government was not accusing Chen or the group of wrongdoing.
That position later shifted. Cambodian authorities said Chen was arrested on Jan. 6 along with two other Chinese nationals and extradited to China for investigation, following months of cooperation between the two nations. Officials said the arrests were made at the request of Chinese authorities “within the scope of cooperation in combating transnational crime.” Cambodia’s interior ministry also said it revoked Chen’s Cambodian citizenship in December, without addressing his honorary titles. Cambodia’s central bank also announced that Prince Bank would be liquidated, barring it from accepting new deposits.
Despite prosecuting lower-level Prince associates, Chinese authorities had not, until January, directly addressed the US and UK allegations against Chen. China’s cybersecurity agency had, however, accused the US government of orchestrating the hacking of the Bitcoin that American authorities say was tied to Chen’s illicit proceeds.
But then on Jan. 8 — after dramatic footage aired on Chinese state media showing an arrested Chen being flown back to China — the country’s main law enforcement body, the Ministry of Public Security, said it had detained Chen, describing him as the kingpin of a “major transnational gambling and scam syndicate.” It said it had investigated Chen’s group and suspected it of committing “numerous crimes,” including setting up illegal casinos, conducting scams and illegal business operations and concealing the proceeds of crime. It also said law enforcement would issue wanted notices for an initial group of key figures within Chen’s criminal enterprise.
Member of HDB dragon boat team dies after race at Water Sports Centre in Kallang
A member of HDB dragon boat team has died after a race at the Singapore Sports Hub’s Water Sports Centre in Kallang on Sunday (Nov 16) morning.
The 49-year-old was participating in the Singapore Regatta Waterfest as a member of a 30-strong team comprising staff from HDB.
Responding to AsiaOne’s queries, the Housing Board said that it is "deeply saddened" by his death.
He had collapsed while resting after the race, the statement said.
"He was transported to the hospital for medical attention, where he later passed on after unsuccessful resuscitation attempts by the emergency crew," said HDB.
“Our thoughts are with his family, friends and our own colleagues who are grieving this sudden loss. We are in close contact with the family and are providing them our fullest support and assistance during this difficult time."
An eyewitness, who declined to be named, told AsiaOne that he saw the man lying near the railings outside the toilet in the Water Sports Centre at around 10am.
"Another passerby immediately called for the medic’s assistance and we helped to carry him onto the stretcher before he was wheeled away," he said.
Another participant said organisers announced the man’s death at around noon, after which a minute of silence was observed.
Speaking to AsiaOne, the captain of “Team HDB” said the team was "still a bit shaken" by the death of one of its members.
"We have one more race in the afternoon, and we are going to continue to race for him," she said in the morning.
The event continued in the afternoon before it was cancelled due to bad weather.
The police told AsiaOne that they were alerted to a case of unnatural death at Tan Tock Seng Hospital at 12.20pm.
The man, who was admitted to the hospital unconscious, was subsequently pronounced dead.
Based on preliminary investigations, the police do not suspect foul play.
Singapore Regatta Waterfest’s organisers Kallang Alive Sports Management and the Singapore Dragon Boat Association (SDBA) said in a joint statement that the man was given immediate medical assistance and was taken to hospital.
“We are deeply saddened by the incident, and our thoughts are with the family during this difficult time,” they added.
Held from Nov 14 to 16, the annual event saw nearly 4,000 participants in what organisers described as one of the biggest dragon boat races in the country.
Hundreds of competitors, from educational institutions, business organisations and other entities, vied to be the quickest over a 200m distance in the Kallang Basin.
An SDBA official said the HDB staff member who died on Sunday had taken part in a race on Day 2 of the event the day before (Nov 15) “without any issue.”
https://www.asiaone.com/singapore/member-hdb-dragon-boat-team-dies-during-race-water-sports-centre-kallang