Singapore – The Commercial Affairs Department (CAD) in Singapore is seeking to seize additional assets in Singapore that authorities linked to Cambodian businessman Chen Zhi and his conglomerate Prince Group, after parties disclosed the existence of these assets during a court hearing.
The CAD is moving to take possession of cheques that exceed S$3.7 million and bonds that have a value of more than US$200,000 (S$257,000), according to information that The Straits Times understands came to light in the court proceedings.
Investigators from the CAD identified the cheques and bonds as assets they could treat as potential proceeds connected to alleged scam activities, and they initiated steps to secure these financial instruments following their disclosure in court.
Court documents presented in Singapore set out details of the financial instruments and identified the links that authorities drew between the assets, Chen Zhi and entities under Prince Group, which operates a range of businesses in Cambodia and the region.
Prosecutors informed the court that the CAD requested seizure of the assets under Singapore’s laws that allow law enforcement agencies to restrain or confiscate property suspected to be connected to criminal conduct or money laundering offenses.
Lawyers representing the relevant account holders and related entities responded in court to the seizure application and addressed the court on the origin, ownership and purpose of the cheques and bonds.
The court examined the evidence and submissions from prosecutors and counsel and considered whether the case met the statutory requirements for seizure under Singapore’s criminal and anti-money laundering framework.
Authorities in Singapore coordinated the investigation with information they received from foreign counterparts and open-source material that linked Chen Zhi and Prince Group to alleged scam-related activities in other jurisdictions.
The CAD continued to trace funds and assets that allegedly moved through Singapore’s financial system, and it sought to identify bank accounts, investment products and other instruments that might hold value associated with the entities under scrutiny.