CaliToday (12/11/2025): The conglomerate, accused by the US DOJ of being a "transnational criminal organization" running forced labor scam camps, has broken its silence to decry the "unlawful seizure" of its assets.
Prince International Plaza in Phnom Penh. Prince Holding Group has denied US allegations that its founder Chen Zhi is running a transnational criminal organisation (TANG CHHIN Sothy)
PHNOM PENH, CAMBODIA – One of Cambodia’s largest and most visible conglomerates, the Prince Holding Group, has broken its silence, "categorically rejecting" bombshell allegations that its founder amassed his fortune by running a vast, transnational internet scam empire.
The company's first public statement on the matter comes after a coordinated frenzy of asset confiscations by authorities in Europe, the United States, and Asia, targeting its founder, Chen Zhi.
In October, the U.S. Justice Department unsealed a scathing indictment against the tycoon, accusing him of presiding over forced labor camps in Cambodia. Prosecutors allege these camps were populated with trafficked workers forced to conduct sophisticated online scams, including romance and business cons.
A Coordinated Global Crackdown
The scale of the international operation against the group is staggering:
United States: The DOJ seized approximately $15 billion worth of Bitcoin, which it alleges are the criminal proceeds of the organization. The action stands as the largest single forfeiture in the Justice Department's history.
United Kingdom: British authorities froze business and property assets valued at more than $130 million.
Asia: Taiwan, Singapore, and Hong Kong conducted their own national seizures, with confiscations in each jurisdiction running as high as $350 million.
The U.S. Justice Department last month labeled the Prince Group "one of Asia's largest transnational criminal organizations" and confirmed that Chen—a joint British-Cambodian national—remains "at large."
Prince Group Fires Back
In its statement released Tuesday, the conglomerate decried the allegations as a coordinated smear campaign.
"The Prince Group categorically rejects the notion that it or its Chairman, Chen Zhi, has engaged in any unlawful activity," the company stated.
"The recent allegations are baseless and appear aimed at justifying the unlawful seizure of assets worth billions of dollars."
The company, which has operated since 2015 and has interests in over 30 countries, portrayed itself as a victim and vowed to fight the charges.
"We are confident that when the facts come out, the Prince Group and its Chairman will be fully exonerated," the statement added.
A "Ubiquitous" Empire Under Siege
The allegations stand in stark contrast to the Prince Group's public image in Cambodia. The business empire is ubiquitous in the Southeast Asian nation, boasting over $2 billion in real estate investments alone.
Its holdings include high-profile developments such as the Prince International Plaza, a large shopping mall in the capital, Phnom Penh, as well as ventures in financial services and consumer businesses.
The company argued that the crackdown is causing immense collateral damage. The allegations, it said, "have caused undue harm to thousands of innocent employees, partners, and communities who the Group serves."
But prosecutors paint a far darker picture, accusing the company of being a "corrosive influence" that launders its illicit proceeds through cryptocurrency. This case has become the new face of the cyber-scam operations that have mushroomed across Southeast Asia, often run from unassuming office blocks where some workers are trafficked and held in prison-like conditions to defraud global targets.