British Newspaper: "Prince Group's Chen Zizhou Has Assets Worth 88 Trillion Won, Linked to Chinese Intelligence Agencies"

Prince International Plaza in Phnom Penh. AFP Yonhap News. 

The chairman of the Prince Group, Chen Zizhou, who is alleged to be behind a large-scale criminal network (scam operation) in Cambodia, has assets estimated at $60 billion (approximately 87.9 trillion won), the British daily The Times reported on the 12th (local time).

In an article detailing Chen Zizhou's activities, the newspaper reported that he is closely linked to the Cambodian government and Chinese intelligence agencies, and possesses assets estimated to be comparable to those of South American drug lords.

The UK and the US announced sanctions against the Prince Group, its affiliates, and Chen Zizhou last month, stating that they had identified their criminal activities through joint efforts.

According to the US and UK governments, Chen Zizhou's primary source of income is a network of online scam centers. Thousands of trafficked workers in at least 10 centers in Cambodia are forced to engage in fraudulent activities using phones and social media.

The Prince Group has amassed vast sums of money. The US Treasury Department seized $13 billion (19 trillion won) worth of Bitcoin in an operation last month. A US official commented, "I've seen many money laundering techniques from South American drug cartels, but I've never seen this scale."

Cliff Teo, a Singaporean who worked with Chen Zizhou for a long time and later became a whistleblower, reported that when he asked Chen Zizhou about the scale of his assets, he replied that his net worth was $60 billion.

The Times reported that Chen Zizhou's relationship with Chinese intelligence officials appears to have begun in 2015.

A former Chinese intelligence officer stated that Chen Zizhou would host and lavishly entertain officials from China's Ministry of Public Security at his club in Phnom Penh, making requests of them. It was also claimed that hackers employed by the Prince Group were used in the Ministry of Public Security's efforts to track dissidents.

A US indictment also states that Chen Zizhou kept a record of bribes, including cash given to Cambodian politicians and officials from China's Ministry of Public Security and Ministry of State Security, as well as watches worth millions of dollars.

However, Chen Zizhou's relationship with Chinese authorities did not remain intact. In 2020, Chinese police announced the establishment of a task force to investigate the Prince Group, and banks affiliated with the group within Taiwan began requiring stricter documentation.

Chen Zizhou turned his attention to the US and the UK. While his US visa was denied, he reportedly entered London with his family through the UK's investor visa route, which has since been abolished due to national security concerns, and was active there for five years.

Chen Zizhou purchased an office building near the Bank of England for £94 million (181.2 billion won) and spent £12 million (23.1 billion won) on purchasing and renovating a mansion. Chen Zizhou's relatives bought 17 apartments in London for £26 million (50.1 billion won), seven of which overlook the US Embassy in London.

These assets have been frozen by the British government's sanctions.

The Prince Group stated, "The group and Chairman Chen firmly deny any allegations of involvement in illegal activities. The recent accusations appear to be an attempt to justify baseless and illegal asset seizure." They added, "Claims amplified by media reporting of unverified allegations harm innocent employees, partners, and the local community."

Yonhap News