The Times: "Chen Zhi's Assets Estimated at 60 Billion Dollars
Comparable to Major Drug Lords in Central and South America"
Reports have emerged estimating that the assets of Chen Zhi, chairman and owner of Prince Group, who has been identified as the mastermind behind a large-scale criminal syndicate in Cambodia, amount to 60 billion dollars (approximately 87.9 trillion won).
On November 12 (local time), The Times of the United Kingdom reported that Chen Zhi is closely connected with the Cambodian government and Chinese intelligence authorities, and is believed to possess assets on par with those of major drug lords in Central and South America.
The United Kingdom and the United States announced last month that they had identified criminal activities involving Prince Group, its affiliates, and Chen Zhi through joint efforts, and imposed sanctions against them. According to the US and UK governments, Chen Zhi's primary source of income is a network of online scam centers. At least 10 centers in Cambodia force thousands of trafficked workers to conduct scams using phones and social media.
Through these operations, Prince Group has generated enormous profits. The US Department of the Treasury seized Bitcoin valued at 13 billion dollars (about 19 trillion won) during an operation last month. Cliff Teo, a Singaporean who worked with Chen Zhi for a long time before becoming a whistleblower, stated that when he asked about Chen Zhi's asset size, Chen replied that his net worth was 60 billion dollars.
The Times reported that Chen Zhi's relationship with Chinese intelligence officials appears to have begun in 2015. A former Chinese intelligence officer said that Chen Zhi hosted officials from the Ministry of Public Security at his club in Phnom Penh, offering them special treatment while making requests. It was also alleged that hackers employed by Prince Group were used by the Ministry of Public Security to track dissidents.
However, the relationship between Chen Zhi and the Chinese authorities did not last. In 2020, Chinese police announced the formation of a task force to investigate Prince Group, and the group's affiliated banks in Taiwan began to require stricter documentation.
Chen Zhi then turned his attention to the United States or the United Kingdom. Although his US visa was denied, he and his family entered London through the now-defunct UK investor visa route, which was abolished due to national security concerns, and remained active there for five years. During this period, Chen Zhi reportedly spent 94 million pounds (about 181.2 billion won) to purchase an office building near the Bank of England, and 12 million pounds (about 23.1 billion won) on acquiring and renovating a mansion.
Prince Group stated, "The group and Chairman Chen firmly deny any allegations of involvement in illegal activities," adding, "The recent accusations are baseless and appear to be an attempt to justify the unlawful seizure of assets." The group further commented, "The repetition of such unverified claims in media reports amplifies the allegations and causes harm to innocent employees, partners, and local communities."
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