More assets in Singapore linked to Cambodian businessman Chen Zhi and his firm, Prince Group, may be seized after their existence was disclosed in a court hearing.
The Straits Times understands that the Commercial Affairs Department (CAD) is looking to seize cheques of more than S$3.7 million, bonds valued at over US$200,000 (S$257,000), and security deposits worth S$362,200.
Court documents seen by The Straits Times show a former employee of Chen’s Singapore-based family office, DW Capital, filed an application on Nov 18 seeking the release of funds.
The application was filed by the former human resources manager of DW Capital on behalf of the firm’s sole remaining director, Karen Chen Xiuling.
The former manager sought the release of funds linked to DW Capital, high-value warehouse storage firm Capital Zone Warehousing, car financing firm Skyline Investment Management, and IT consultancy business Citylink Solutions.
All four firms are linked to the 38-year-old Fujian-born Chen, either directly or through his British Virgin Islands-registered family office, Global Treasure Development.
DW Capital, Capital Zone Warehousing and Skyline Investment Management are among firms sanctioned by the US Treasury, while Citylink Solutions is not on the list.
The application sought the release of more than S$332,000 for expenses such as salaries incurred since the accounts were frozen, S$459,000 for corporate taxes owed, and about S$102,000 a month for future expenses.
CAD objected to the request, citing complex ongoing investigations involving large volumes of transactions dating back to 2017. The Straits Times understands that no judgment has been issued on the application.
Lawyer Clarence Lun Yaodong of Fervent Chambers is lead counsel for the applicants.
On Oct 14, the United States and Britain announced sweeping sanctions on Chen and Prince Group, accusing the group of money laundering and wire fraud offences, and operating forced-labour scam compounds in Cambodia. The US Treasury designated Prince Group as a transnational criminal empire.
The report said US authorities also seized almost 130,000 bitcoins worth around US$15 billion linked to Prince Group, while British authorities separately seized at least 19 London properties, including one worth nearly £100 million (S$173 million).
Following the US announcement, the Singapore Police Force conducted an islandwide raid on Oct 30, seizing six properties, a yacht, 11 vehicles and other assets with a combined value of more than S$150 million.
Singapore authorities launched a probe in 2024 after receiving financial intelligence from the Suspicious Transaction Reporting Office regarding Chen and his associates. DW Capital is also among 146 people, companies and entities linked to the tycoon sanctioned by the US Treasury.
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