Prince Group's application for thawing was exposed! Singapore court documents reveal 19 properties

Prince Group’s former HR manager applies for fund unfreezing, unexpectedly revealing details of Chen Zhi’s related companies’ assets in Singapore. CAD rejects the application and prepares to seize more assets, including a check worth 3.7 million SGD and bonds worth 200,000 USD. Court documents disclose that four companies hold a total of at least 8 accounts with Revolut and Malayan Banking, with balances exceeding 4 million SGD. The US has seized 130,000 bitcoins valued at 15 billion USD, and the UK has confiscated 19 properties in London.

Unfreezing application unexpectedly exposes Prince Group’s Singapore assets

According to The Straits Times, Chen Zhi’s family office DW Capital’s former HR manager, Chen Xiu-ling, applied to the court to unfreeze funds due to operational issues. The funds requested for unfreezing include: 332,000 SGD to pay overdue employee wages, 459,000 SGD for corporate taxes, and approximately 102,000 SGD monthly for daily operations.

The application involves four companies: DW Capital (family office), Capital Zone Warehousing (premium warehousing), Skyline Investment Management (auto financing), and Citylink Solutions (IT consulting). All four are related to Chen Zhi—either directly owned by him or indirectly controlled through his family office Global Treasure Development registered in the British Virgin Islands.

This application was intended to maintain company operations but inadvertently became a clue for CAD to dig deeper into assets. Court documents reveal details of frozen bank accounts: these four companies hold at least 8 accounts with the London-based fintech company Revolut and Malayan Banking. Following sanctions announced by the US and UK on October 14, these assets were frozen within days by Singapore police. The Revolut accounts have balances exceeding USD 515,300 (about 660,000 SGD), and the Malayan Banking accounts hold over 3.5 million SGD.

Additionally, seven other bank accounts linked to two more companies have also been frozen, but the former HR manager did not apply for their unfreezing. This suggests that the actual assets of Prince Group in Singapore may be far larger than currently disclosed.

CAD expands seizure of 3.7 million check and bonds

CAD not only refused to approve the unfreezing request but also traced further, preparing to expand the scope of seizure. Reports state that assets targeted for seizure include: over 3.7 million SGD in checks, over 200,000 USD (about 257,000 SGD) in bonds, and 362,200 SGD in deposits. The discovery of these assets indicates that Prince Group’s presence in Singapore is far more complex than previously thought.

CAD states that the investigation is extremely complicated, involving tracing numerous transactions dating back to 2017, which makes asset unfreezing impossible at this stage. This suggests that the investigation could last months or even years, with each deep dive potentially uncovering new hidden assets. Previously, Singapore authorities seized assets exceeding 150 million SGD related to Chen Zhi, including luxury cars, yachts, and fine wines. However, based on current progress, Prince Group’s assets in Singapore are not fully uncovered, and investigations are ongoing.

Progress of global asset seizures of Prince Group

USA: Nearly 130,000 bitcoins seized, worth about 15 billion USD (approximately 19.3 billion SGD)

UK: At least 19 properties in London confiscated, one valued at nearly 100 million GBP (about 173 million SGD)

Singapore: Over 150 million SGD in assets frozen, including luxury cars, yachts, fine wines, and multiple bank accounts

US authorities seized nearly 130,000 bitcoins related to Prince Group, valued at about 15 billion USD (approximately 19.3 billion SGD). This discovery shocked the global community and became one of the largest cryptocurrency seizure cases in history. UK authorities also confiscated at least 19 properties in London, with one valued at nearly 100 million GBP (about 173 million SGD). These dispersed global assets demonstrate the extensive and complex money laundering network of Prince Group.

Key figures: who ran, who was caught

Three Singaporean citizens related to this case are currently at different stages. Nigel Tang, captain of Chen Zhi’s superyacht “NONNI II,” was arrested upon returning to Singapore on December 11, suspected of money laundering; he has been released on bail. The yacht, valued at about 27 million SGD, was sold to a Middle Eastern buyer in December 2024, just one month after US sanctions were announced.

Karen Chen has been in Cambodia since September 20, according to media reports. Alan Yeo, CEO of DW Capital, left Singapore on October 12 and is now untraceable. Chen Zhi himself is also missing. Reports indicate that Singapore police contacted Karen Chen and Alan Yeo multiple times after the US sanctions announcement, requesting their return to assist investigations, but neither has returned.

On November 12, Prince Group issued a statement denying all allegations, claiming they are “baseless” and that the accusations are an “excuse for the illegal seizure of billions of dollars of assets.” However, as court documents continue to reveal more asset details, the credibility of these denials is decreasing. The yacht was quickly sold to a Middle Eastern buyer within a month of sanctions, raising suspicions of asset transfer timing.

Based on current progress, asset seizure in Singapore is still ongoing. Every new court document may reveal additional assets. CAD emphasizes that the investigation is extremely complex, involving tracing numerous transactions dating back to 2017, implying that this money laundering network may have been operating for over 8 years.