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SCMP Reporters

A Hong Kong court has ordered the freezing of properties and assets worth more than HK$9 billion (US$1.15 billion) held by detained Chinese-born Cambodian businessman Chen Zhi and companies and individuals tied to him, the South China Morning Post has learned.
A source told the SCMP on Thursday that the High Court had ordered a restriction on such properties earlier this month following an application from the Department of Justice involving Chen, who is accused of running a sprawling online scam network in Cambodia.
The Hong Kong court order prohibits 42 respondents, including Chen, three suspected associates and 38 companies, from dealing with their properties in or outside Hong Kong.
Chen had assets of about HK$6.36 billion frozen, including a commercial building on Kimberley Road in Tsim Sha Tsui valued at HK$3 billion and a luxury mansion on The Peak worth HK$1 billion.
His remaining frozen assets covered his personal bank accounts, as well as bank accounts and securities held through 17 companies but subject to his control.
Among the companies, Prince Global Holdings, incorporated in the British Virgin Islands, accounted for the largest amount of the frozen funds, at more than HK$1.6 billion.
Chen is in custody after being extradited from Cambodia to China in January. He is accused of various crimes, including opening a casino, fraud, illegal operations and concealing criminal proceeds, according to China’s Ministry of Public Security.
He has been sanctioned by both the United Kingdom and the United States, with the US Department of the Treasury designating Chen’s Prince Group network as a “transnational criminal organisation” in mid-October last year.

The order from the High Court also covered Chen’s associates, who have also been sanctioned by the US.
The order also froze HK$2 billion in assets held by Zhou Yun, whom the US has deemed Chen’s financial assistant and wealth manager.
This included her personal bank accounts, as well as other bank accounts, securities and company shares that were held by 13 companies subject to her control.
Li Thet, whom the US described as a de facto CFO of the Prince Group, had more than HK$272 million in assets frozen, including a HK$100 million shareholder loan provided to a registered non-Hong Kong company.
Another associate of Chen, Wu Anming, also known as Chen Xiaoer, had more than HK$400 million in assets frozen, including a flat in Park Avenue in Kowloon valued at HK$15 million.
Wu is a director of Grand Legend International Asset Management, a company controlled by Chen Zhi in Palau that is affiliated with the Prince Group, according to the US.
The SCMP understood that the order would remain effective unless the court made other instructions, while the court would hold another hearing to deal with the application to extend the order.
According to the court diary, the next hearing is scheduled for August 3.


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Hong Kong court freezes HK$9 billion in assets and properties tied to Chen Zhi

Chen Zhi (centre) in the custody of Chinese authorities earlier this year. Photo: AFP/China’s Ministry of Public Security

Another hearing related to the case is scheduled for August 3 at the High Court. Photo: Sun Yeung

Hong Kong police freeze HK$2.75 billion in assets linked to accused scammer Chen Zhi

The offensive targeted the network of Fujian-born Cambodian businessman Chen Zhi and his company, Prince Holding Group. Photo: Handout

Man accused of running Cambodian scam farm empire has Hong Kong business links

Businessman Chen Zhi is allged to be behind a huge cybercrime operation in Cambodia. Photo: Prince Holding Group

An office building at 68 Kimberley Road in Tsim Sha Tsui is owned by Cheer Capital Limited, another business on a US sanctions list. Photo: Dickson Lee.

News

Hong Kong

Law and Crime

Detained Chinese-born Cambodian businessman is accused of running sprawling online scam network from Southeast Asia


Detained Chinese-born Cambodian businessman is accused of running sprawling online scam network from Southeast Asia.


Chen Zhi

Prince Group

Cambodia

China

Hong Kong court freezes HK$9 billion in assets and properties tied to Chen Zhi

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Detained Chinese-born Cambodian businessman is accused of running sprawling online scam network from Southeast Asia

Detained Chinese-born Cambodian businessman is accused of running sprawling online scam network from Southeast Asia