The Prince Holding Group, a Cambodian conglomerate, has issued a statement denying allegations of a vast fortune built on a fraudulent internet scam operation. The firm asserts that the founder, Chen Zhi, was facing seizure of over US$15 billion assets. Authorities in several European, United States, and Asian countries have initiated asset confiscations, citing the potential for a transnational criminal organization linked to the tycoon. The Justice Department in October unsealed an indictment against Chen Zhi, alleging involvement in this alleged scheme. The firm denies any wrongdoing and claims to have cooperated with investigations. The seizure follows a growing international investigation into the alleged financial activities of the Prince Holding Group.
Credits: News – South China Morning Post
