Whereabouts Unknown for Chairman of Cambodian 'Crime Complex' Company Linked to Top Power Broker

Chen Zhi, the chairman of Prince Group, who is known to have accumulated enormous wealth by operating a large-scale fraud complex in Cambodia, has reportedly disappeared.

The scene of Taeja Complex, known as a crime hub operated by Prince Group near Phnom Penh, Cambodia. Photo by Yonhap News Agency

According to local media outlets Cambodia Daily and Khmer Times on October 18, speculation about Chen Zhi’s whereabouts has arisen following the announcement of sanctions against Prince Group and others by the governments of the United States and the United Kingdom on October 14. Born in China in 1987, Chen Zhi acquired Cambodian citizenship in 2014 and rapidly expanded his business by forming close ties with political figures.

In Cambodia, Chen Zhi has wielded significant influence, serving as an advisor to former Prime Minister Hun Sen, one of the most powerful figures in the country. However, authorities in the United States and China have been pursuing legal action against him and Prince Group. The U.S. Department of Justice has indicted Chen Zhi on charges including fraud and money laundering, and has filed a forfeiture lawsuit for 127,271 bitcoins (approximately 21.45 trillion won) that Chen Zhi and Prince Group allegedly laundered. The UK government has also imposed sanctions on Golden Fortune Resort World, which effectively operates the Taeja Complex-one of Cambodia’s crime hubs. Real estate assets owned by Chen Zhi in London have been frozen, and he has been banned from accessing the UK financial system.

As pressure and sanctions mount against Prince Group and others suspected of being behind Cambodia’s criminal complexes, signs of a bank run have emerged at Prince Bank. Following the strong sanctions imposed by the U.S. and UK governments, confusion erupted at major branches in Phnom Penh, the capital of Cambodia, as customers rushed to withdraw their deposits.