For greater than a decade, Chen Zhi poured hundreds of thousands of {dollars} into charitable tasks in Cambodia, constructing affect as an adviser to former prime minister Hun Sen and as a outstanding “oknha,” a tycoon title awarded in trade for giant monetary contributions to the federal government.
That standing unravelled this month when Chen, chairman of Prince Holding Group, was arrested and handed over to China whereas needed by U.S. authorities.
His conglomerate has been blacklisted by the U.S., Britain and several other Asian governments over alleged hyperlinks to on-line rip-off operations involving compelled labor and cash laundering – accusations the corporate and his lawyer has beforehand denied.
China’s Ministry of Public Safety stated Chen is suspected of main a prison community concerned in a number of offenses, together with “working casinos, fraud, unlawful enterprise actions, and concealing prison proceeds.”
U.S. authorities seized practically $15 billion value of bitcoin they allege was linked to on-line rip-off proceeds linked to Chen, accusing him of working what they described as a “transnational prison empire” concentrating on Individuals and others worldwide.
Throughout his years in Cambodia, the place he obtained citizenship – and was issued a diplomatic passport – earlier than his citizenship was revoked in December, Chen obtained quite a few honors, together with “Entrepreneur of the 12 months,” “Finest Contributions In the direction of Socio-Financial Improvement,” and “Visionary Philanthropist of the 12 months.”
Prince Basis, the conglomerate’s philanthropic arm, says it has launched greater than 280 initiatives since 2015, benefiting greater than 1.5 million individuals by way of donations exceeding $18 million.
The inspiration additionally partnered with non-profit teams to assist colleges and contributed practically $1 million to the Kantha Bopha Basis, which funds free healthcare for kids in Cambodia.
Prince additionally donated hundreds of thousands of {dollars} to Cambodia’s COVID-19 response, in addition to to flood aid and schooling scholarships, throughout a interval when U.S. authorities allege the group had already established “worthwhile cyberfraud operations throughout Southeast Asia, significantly in Cambodia.”
These contributions quantity to a fraction of the billions of {dollars} U.S. authorities allege had been generated by way of rip-off operations linked to Chen and Prince Group.
As Chen sits in Chinese language custody, his case has renewed scrutiny of how alleged rip-off syndicates in Southeast Asia embedded themselves by way of philanthropy, political entry and enterprise ties.
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