Singapore Cancels Tax Incentives for Two Family Offices Linked to Cambodia's Prince Group
National Development Minister Chee Hong Tat revealed in parliament on November 5 that two single family offices (SFOs) in Singapore, which received tax incentives, are connected to Cambodia’s Prince Holding Group and its founder Chen Zhi. The Monetary Authority of Singapore (MAS) has since revoked the tax incentives for both entities. Mr. Chee, also deputy chairman of MAS, chose not to disclose more details due to ongoing investigations.
Background on Chen Zhi and Legal Actions
Chen Zhi, aged 38, was recently charged in the United States with orchestrating a large cryptocurrency scam that involved forced labor camps in Cambodia. Authorities have sanctioned three Singaporeans and 17 Singapore-registered entities for alleged involvement in this criminal network.
Family Office and Asset Management
According to a Bloomberg report, Chen established a family office named DW Capital Holdings in Singapore in 2018. This office claimed to manage assets worth over S$60 million (US$45.9 million).
"Singapore police investigations into Chen and his associates started before his US indictment," said Mr. Chee.
Parliamentary Incident
The parliamentary discussion also featured an apology from Workers' Party MP Kenneth Tiong after he described Minister Chee Hong Tat's question as "stupid." This remark drew attention during the debate on the matter.
Summary: Singapore has revoked tax incentives for two family offices linked to Chen Zhi and Cambodia's Prince Group amid ongoing investigations into a major crypto scam involving forced labor.