The Prince Empire: Shadows over Cambodia’s Patron

In the plush corridors of a grand hotel in Phnom Penh Hotel, belonging to the conglomerate Prince Groupe, foreign businessmen were recently still negotiating contracts worth several million dollars. Yet, just a few kilometers away, in the offices of the U.S. Treasury's Office of Foreign Assets Control (OFAC), the name Chen Zhi now appears on a blacklist that is shaking Asian capitals.

Since 2010, this 52-year-old man, born in the Chinese province of Fujian, has built one of the most opaque empires in Southeast Asia. Naturalized Cambodian in 2014 and awarded the honorary title of Neak Oknha, Chen Zhi now controls more than 40 companies spread across real estate, banking, aviation, and tourism — a portfolio estimated at over 8 billion dollars according to Fitch Solutions analysts.

A patronage that masks questions

The philanthropic façade impresses: university scholarships, massive donations during natural disasters, construction of rural schools. The Ream City project, heavily advertised as the "new Singapore" of Cambodia, was to transform 836 hectares of Sihanoukville into a futuristic metropolis. Displayed cost: 16 billion dollars, nearly 60% of Cambodia's GDP.

But where does this money come from? This question has haunted international investigators since 2022. According to a confidential report from the Financial Intelligence Unit Singapore, consulted by journalists from the Wall Street Journal, huge financial transfers — sometimes exceeding 500 million dollars per month — pass through shell companies based in the Marshall Islands, Hong Kong, and the British Virgin Islands.

Golden Fortune: The hidden side of the economic miracle

The investigation turned in August 2024 when damning testimonies emerged from Golden Fortune Tech Park, a 50-hectare industrial complex managed by a Prince Groupe subsidiary. Vietnamese and Malaysian workers, interviewed by Radio Free Asia and the NGO International Justice Mission, describe a modern slavery system: confiscation of passports, 16-hour workdays, beatings and food deprivation for those who refuse to engage in online scams.

The testimonies converge: "pig butchering scams" targeting Western victims, fake cryptocurrency trading sites, sophisticated phishing campaigns. The amount of damages? More than 3 billion dollars according to an estimate by the FBI's Internet Crime Complaint Center, published in January 2025.

Sanctions cascade

The international reaction was swift. In March 2025, OFAC froze 15.2 billion dollars of assets in Bitcoin and Ethereum linked to Chen Zhi. London simultaneously seized a real estate portfolio worth 800 million pounds in the Mayfair and Knightsbridge districts. The European Union followed with targeted sanctions against 12 group executives.

“These measures aim to dismantle one of the most sophisticated money laundering networks we have ever identified,” said Brian Nelson, U.S. Treasury undersecretary, at a press conference in Washington in April 2025.

An international reputation at stake

The shockwave extends well beyond Cambodian borders. Singapore Exchange suspended the listings of three companies linked to the group. HSBC and Standard Chartered closed the accounts of several subsidiaries. Even the Asian Infrastructure Investment Bank (AIIB), reputed to be less strict, froze a 2 billion dollar loan intended for the Ream City project.

“Cambodia risks joining the narrow circle of states considered as money laundering havens,” warned Matthew Smith, a researcher at Transparency International, in a report published in September 2025.

Today, while Chen Zhi remains a fugitive — officially on a "prolonged business trip" according to his lawyers — Prince Groupe continues its operations under international surveillance. Will the empire built over fifteen years withstand the judicial storms? The answer will determine not only the future of a man but perhaps that of an entire country.

Rush for withdrawals by Huione Wallet users following the American decision

Last Friday, downtown Phnom Penh, around Banque Innom on Norodom Boulevard, witnessed unprecedented unrest. Hundreds of users of the Huione electronic wallet, mostly Chinese nationals accompanied by individuals from Pakistan, Nepal, and Cambodia, rushed en masse to Huione's ATMs and service counters to withdraw their funds.

This sudden rush, which caused major traffic jams and required traffic police intervention, is explained by the recent announcement from the American administration to cut Huione group's access to the American financial system, creating a shockwave among anxious users.

The Cambodian government adopts a cooperative stance regarding Prince Group, despite serious international accusations against the conglomerate.

The Ministry of Interior spokesperson, Touch Sokhak, emphasized that Prince Group, led by Chen Zhi, was treated like any other large company investing in Cambodia. He also specified that the Cambodian nationality granted to Chen Zhi had been given in accordance with the law. The Cambodian government itself does not bring accusations against Chen Zhi or the group but remains open to international cooperation.

Impact

Prince Group is recognized as one of the economic pillars of Cambodia, with massive investments in real estate, finance, banking, and consumer services. Its subsidiary Prince Real Estate has left a lasting mark on Phnom Penh's urban landscape, notably with Prince Plaza. The group is also a key player in integrating Cambodia into regional markets, with links in logistics, technology, and other growing sectors.

The Prince Group case illustrates the challenges facing Cambodia, caught between its desire for rapid economic modernization and the need to respond to embarrassing international accusations.

The government seeks to preserve the country's image as a serious investment destination, while managing diplomatic and judicial pressure weighing on one of its most powerful conglomerates. Meanwhile, cooperation with foreign investigations will be a key element for the evolution of this complex case, blending politics, formal and informal economies, and international law.