WHO ARE THE SINGAPOREANS?
The involvement of the Singaporean individuals and entities was first reported on Wednesday by Singapore newspaper The Business Times.
Ms Chen Xiuling, Mr Alan Yeo Sin Huat and Mr Nigel Tang Wan Bao Nabil are the Singaporeans placed on the US’ Specially Designated Nationals and Blocked Persons List for their alleged ties to Chen Zhi, his affiliates and Prince Holding Group.
Those on the list are identified as posing threats to US national security and foreign policy. US persons are generally prohibited from dealing with them, and their assets are blocked.
According to the Treasury Department, Ms Chen Xiuling, 43, oversees Prince Holding Group companies based in Mauritius, Taiwan and Singapore.
CNA’s checks on company filings found that of the 17 Singapore-registered entities sanctioned, Ms Chen is listed as either director, company secretary and/or shareholder of 14 of them.
This includes the holding company that managed Chen Zhi’s luxury yacht, the Treasury Department said, although it did not specify which one.
In its SGX statement on Thursday, the 17Live firm said that besides providing oversight as a director and member of board subcommittees, Ms Chen Xiuling was not involved in its business and operations.
It added that 17Live has never done business with Ms Chen; the DW Capital company she works in; nor Chen Zhi, who is a shareholder of DW Capital.
Based on DW Capital’s website, Ms Chen Xiuling is the chief finance officer of the company, which was founded by Chen Zhi.
Her profile on the company’s website states that she is a chartered accountant of Singapore with more than 10 years of combined experience as an auditor.
The second individual, Mr Yeo, 53, was allegedly among those who served as financial assistants and wealth managers for Chen Zhi, according to the Treasury Department.
Mr Yeo’s LinkedIn profile shows he was CEO of DW Capital from January 2022. Prior to that, he worked at Skyline Investment Management, which was also among the 17 sanctioned entities.
The third individual, Mr Tang, 32, is listed as director of three of the sanctioned entities.
They include consultancy services Cloud Xero Management and Warpcapital Yacht Management.
He is also listed as a director and the head of operations at Capital Zone Warehousing, which offers luxury storage solutions for alcohol and cigars.
CNA has reached out to Mr Yeo for comment. Ms Chen and Mr Tang’s contact information were not publicly available.
“SHELL COMPANIES”
Of the 17 sanctioned entities, several had their primary activity listed as “management consultancy services” or “other holding activities”.
They are part of a wider network of 117 Prince Group-affiliated businesses designated by the Treasury Department. Of these, the vast majority are offshore shell companies that engage in no apparent real commercial or business activity, authorities said.
Apart from Singapore, these companies are registered in Cambodia, Taiwan, Hong Kong, Palau, Laos, the British Virgin Islands and the Cayman Islands.
CNA has reached out to five of the 17 Singapore-registered entities, which had publicly available contact information, for comment.
“LITANY” OF CRIMES
In May 2024, CNA had reached out to Prince Holding Group regarding a news report that alleged that its operations had extensive overseas money networks, shell companies and cash traffickers.
The report also contained allegations that Prince had purported links to scam centres in Cambodia.
Prince’s chief communications officer Gabriel Tan told CNA then that the reporting was “racist, reductionist and clearly motivated by resentment”.
The company and its legal representative also said in a joint statement that it “does not engage in money laundering or illegal activities, and has not transferred or received funds in the manner alleged, or through the entities named in the article”.
On Tuesday, the US Treasury Department said Prince Holding Group profits from a “litany of transnational crimes” including sextortion, money laundering, corruption, illegal online gambling and industrial-scale trafficking, torture and extortion of enslaved workers.
Workers were lured by the promise of well-paid jobs and were held against their will to scam people in so-called “pig-butchering” schemes, authorities said.
Chen Zhi’s indictment, unsealed on Tuesday as well, said Prince Holding Group had built at least 10 compounds in Cambodia where victims were scammed into transferring cryptocurrency with the promise of investment returns.
Prosecutors said the swindled money was funnelled into Prince Holding Group businesses and shell companies, and used to pay for luxury travel, entertainment, watches, vacation homes and rare artwork.
They said 38-year-old Chen remains at large.
