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Prince Group in crisis: Chen Zhi and the fraud network exposed!
Chen Zhi and the Prince Group are at the center of a fraud investigation that extends to Cambodia.
Prince Group in crisis: Chen Zhi and the fraud network exposed!
Do you know what's going on in Cambodia right now? Chen Zhi and the Prince Group are in the spotlight after a network of fraudsters was uncovered by American and British authorities. This is about much more than just financial well-being; Questions also arise about political influences and complex business networks. This maelstrom reaches even the highest levels of international politics, as BangkokBizNews reports.
It's no secret that Chen Zhi has built a considerable business empire. With real estate in London, Singapore and Taiwan he is impressive. He has been investing in Cambodia since 2011 and has created a diverse portfolio spanning entertainment, finance and even aviation with the founding of the Prince Group. As an advisor to Prime Minister Hun Sen, he is well anchored in Cambodia's political structure. Interestingly, Hun Sen and a group of international heads of state gifted Chen Zhi's luxury Lotus tourbillon watches at an ASEAN summit in Phnom Penh three years ago. These watches later appeared in the US after President Joe Biden gave one of the watches to the National Archives, along with other gifts worth $1,790.
The shadowy influence
The allegations against Chen and his accomplices are anything but harmless. US prosecutors believe they are using political influence to protect their fraudulent operations. One notable incident shows that an accomplice assured a Chinese official that he would take care of his son so as not to harass the Prince Group. Not only are the transactions questionable, but also the methods.
The Prince Group remains involved in major projects in Cambodia, including the controversial Ream City project. Despite the negative coverage and sanctions surrounding Chen in the United States, some companies have not lost interest in doing business with him. The Radisson Hotel Group plans to open a hotel in a project controlled by Chen, but has suspended its contracts for the time being due to the sanctions.
Investigations and reactions
Authorities in Singapore and other Asian countries have already launched investigations into Chen's network. In addition, the governor of the Cambodian central bank said that Cambodia should not only be viewed as a “hub for fraudsters”. These statements show an effort to portray the country in a different light.
So while Chen Zhi remains active in the business world and doesn't let himself be defeated so easily, it remains to be seen how the situation will develop. It is clear that the influence and entanglements surrounding his dealings could have far-reaching consequences. Who knows, maybe we are just at the beginning of a much bigger story.