Core Points - The founder of the Cambodian telecom fraud group "Prince Group," Chen Zhi, was involved in a financial dispute with David Wong, the head of a family office in Singapore, who allegedly embezzled 5.84 million SGD (approximately 31.91 million RMB) from Chen's bank account [1][2][3] Group 1: Background and Initial Relationship - Chen Zhi and David Wong first met in 2017, with Chen already wealthy and seeking investment opportunities in Singapore for permanent residency [2] - In 2017, Chen spent nearly 40 million SGD on luxury real estate and subsequently established "DW Capital Holdings" with Wong's assistance, gaining tax exemption status [2][3] Group 2: Operational Issues and Disputes - In 2021, Chen decided to restructure the family office operations, leading to shared office space with Wong's family office [3][5] - Chen's financial assistant discovered discrepancies in document submissions and inter-company transfers, including a management fee exceeding 530,000 USD [3][5] Group 3: Legal Actions and Consequences - Following a series of issues, Chen dismissed Wong as the sole leader of the family office in July 2021, after discovering restricted access to the office and missing funds [6][7] - A Singapore court later ruled against Wong, ordering him and his associated companies to pay over 12 million SGD in debts, while Wong filed for bankruptcy [6][7] Group 4: Broader Implications for the Prince Group - The Prince Group, which operates in Cambodia, has been accused of using fake job advertisements to lure workers into telecom fraud, leading to significant legal and financial repercussions [7][8] - U.S. authorities seized approximately 15 billion USD worth of Bitcoin from Chen, and assets worth over 1.5 billion SGD were frozen in Singapore [8][9] - The Prince Group's banking operations faced a liquidity crisis, with a surge in withdrawal requests leading to a bank run [7][8] Group 5: Impact on Associated Companies - Chen Zhi is the majority shareholder of two publicly listed companies in Hong Kong, which continue to operate normally despite the ongoing legal issues [9][10] - Recent resignations of executives from these companies indicate potential instability within their management structures [9][10]
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