WHO ARE THE SINGAPOREANS?
The involvement of the Singaporean people and entities was first reported on Wednesday by Singapore newspaper The Enterprise Occasions.
Ms Chen Xiuling, Mr Alan Yeo Sin Huat and Mr Nigel Tang Wan Bao Nabil are the Singaporeans positioned on the US’ Specifically Designated Nationals and Blocked Individuals Listing for his or her alleged ties to Chen Zhi, his associates and Prince Holding Group.
These on the listing are recognized as posing threats to US nationwide safety and international coverage. US individuals are typically prohibited from coping with them, and their belongings are blocked.
Based on the Treasury Division, Ms Chen Xiuling, 43, oversees Prince Holding Group corporations primarily based in Mauritius, Taiwan and Singapore.
CNA’s checks on firm filings discovered that of the 17 Singapore-registered entities sanctioned, Ms Chen is listed as both director, firm secretary and/or shareholder of 14 of them.
This consists of the holding firm that managed Chen Zhi’s luxurious yacht, the Treasury Division stated, though it didn’t specify which one.
In its SGX assertion on Thursday, the 17Live agency stated that apart from offering oversight as a director and member of board subcommittees, Ms Chen Xiuling was not concerned in its enterprise and operations.
It added that 17Live has by no means completed enterprise with Ms Chen; the DW Capital firm she works in; nor Chen Zhi, who’s a shareholder of DW Capital.
Primarily based on DW Capital’s web site, Ms Chen Xiuling is the chief finance officer of the corporate, which was based by Chen Zhi.
Her profile on the corporate’s web site states that she is a chartered accountant of Singapore with greater than 10 years of mixed expertise as an auditor.
The second particular person, Mr Yeo, 53, was allegedly amongst those that served as monetary assistants and wealth managers for Chen Zhi, in accordance with the Treasury Division.
Mr Yeo’s LinkedIn profile exhibits he was CEO of DW Capital from January 2022. Previous to that, he labored at Skyline Funding Administration, which was additionally among the many 17 sanctioned entities.
The third particular person, Mr Tang, 32, is listed as director of three of the sanctioned entities.
They embody consultancy providers Cloud Xero Administration and Warpcapital Yacht Administration.
He’s additionally listed as a director and the top of operations at Capital Zone Warehousing, which presents luxurious storage options for alcohol and cigars.
CNA has reached out to Mr Yeo for remark. Ms Chen and Mr Tang’s contact info weren’t publicly obtainable.
“SHELL COMPANIES”
Of the 17 sanctioned entities, a number of had their major exercise listed as “administration consultancy providers” or “different holding actions”.
They’re a part of a wider community of 117 Prince Group-affiliated companies designated by the Treasury Division. Of those, the overwhelming majority are offshore shell corporations that have interaction in no obvious actual business or enterprise exercise, authorities stated.
Aside from Singapore, these corporations are registered in Cambodia, Taiwan, Hong Kong, Palau, Laos, the British Virgin Islands and the Cayman Islands.
CNA has reached out to 5 of the 17 Singapore-registered entities, which had publicly obtainable contact info, for remark.
“LITANY” OF CRIMES
In Might 2024, CNA had reached out to Prince Holding Group relating to a information report that alleged that its operations had in depth abroad cash networks, shell corporations and money traffickers.
The report additionally contained allegations that Prince had purported hyperlinks to rip-off centres in Cambodia.
Prince’s chief communications officer Gabriel Tan informed CNA then that the reporting was “racist, reductionist and clearly motivated by resentment”.
The corporate and its authorized consultant additionally stated in a joint assertion that it “doesn’t have interaction in cash laundering or unlawful actions, and has not transferred or obtained funds within the method alleged, or by the entities named within the article”.
On Tuesday, the US Treasury Division stated Prince Holding Group income from a “litany of transnational crimes” together with sextortion, cash laundering, corruption, unlawful on-line playing and industrial-scale trafficking, torture and extortion of enslaved employees.
Employees had been lured by the promise of well-paid jobs and had been held towards their will to rip-off folks in so-called “pig-butchering” schemes, authorities stated.
Chen Zhi’s indictment, unsealed on Tuesday as properly, stated Prince Holding Group had constructed at the very least 10 compounds in Cambodia the place victims had been scammed into transferring cryptocurrency with the promise of funding returns.
Prosecutors stated the swindled cash was funnelled into Prince Holding Group companies and shell corporations, and used to pay for luxurious journey, leisure, watches, trip houses and uncommon art work.
They stated 38-year-old Chen stays at giant.
