The National Bank of Cambodia (NBC) today ordered Prince Bank into liquidation under Cambodian law. The bank is also suspended from providing new banking services, including accepting deposits and granting credit.
NBC appointed the auditing firm Morisonkak MKA as the liquidator for Prince Bank's assets. Customers with deposits at Prince Bank can withdraw funds normally after preparing the required documents, while borrowers must continue to fulfill their obligations as usual.
This decision followed the Cambodian Ministry of Interior's announcement yesterday that authorities arrested three Chinese nationals—Chen Zhi, Xu Ji Liang, and Shao Ji Hui—and extradited them to China. The arrests were part of a cooperative effort against transnational crime. Chen Zhi's Cambodian citizenship had been revoked by a royal decree issued by the King of Cambodia in 12/2025.
Prince Bank is a subsidiary of Prince Holding Group, one of Cambodia's largest conglomerates. However, US and UK authorities allege that Prince Holding Group served as a front for a criminal empire. Investigations by US officials indicate Chen operated one of Asia's largest transnational crime organizations, built on forced labor and online scams.
 |
A branch of Prince Bank in Phnom Penh, Cambodia, 10/2025. *AFP* |
The US Department of Justice states that Prince Holding Group has operated in over 30 countries as a legitimate real estate, financial services, and consumer business since 2015. The group allegedly used its gambling and cryptocurrency mining operations to launder illicit proceeds. The US government seized approximately 127,271 bitcoin from the alleged kingpin, valued at nearly 15 billion USD at current rates. Additionally, it placed associated companies on a sanctions list, imposing asset freezes and transaction bans. Multiple countries have imposed sanctions and seized assets linked to Chen. If convicted in the US, Chen could face up to 40 years in prison.
Chen Zhi was born on 16/12/1987 in China's Fujian province. He entered the Cambodian real estate market in 2011 and opened a company in Phnom Penh. Cambodia granted Chen citizenship in 2014. A year later, he founded Prince Holding Group, which rapidly expanded, becoming a global "empire." The Cambodian government awarded Chen the title Neak Oknha (an eminent businessman), and he was considered one of the country's most influential individuals.
In 11/2025, Prince Group issued a statement denying allegations that the group or its chairman, Chen Zhi, were involved in online scams. The statement asserted they "have not engaged in any illegal activities." Neither Prince Group nor China has yet commented on Chen Zhi's arrest.
By Huyen Le (According to AFP)
