The founder of Cambodia-based Prince Group, Chen Zhi, who operated telecom fraud parks, has faced lawsuits, sanctions, and asset freezes from multiple countries, including the U.S. and Singapore. According to the latest information, the Hong Kong Securities and Futures Commission (SFC) and Insurance Authority (IA) have taken action against Prince Group's affiliated companies.

The SFC's website shows that the licenses of Mighty Divine Investment Management Limited and Mighty Divine Securities Limited, both linked to Prince Group, have been "temporarily suspended," with remarks stating that "regulated activities have ceased." Additionally, the IA updated the licensing conditions for Mighty Divine Insurance Brokers Limited, imposing new restrictions, including a ban on conducting any regulated activities and handling client or potential client funds without prior written approval from the IA. These measures took effect on October 28, 2025.

Previously, the U.S. and U.K. governments jointly prosecuted Chen Zhi for involvement in transnational telecom fraud and money laundering, with the criminal network allegedly defrauding $30 million daily. Court documents revealed that the operation involved 20 Hong Kong companies and multiple Hong Kong citizens. Following the exposure, attention has turned to Chen Zhi's holdings in two Hong Kong-listed companies: GEOTECH HLDGS (01707) and KHOON GROUP (00924). Earlier, Li De, chairman of another listed company, FSM Holdings (01721), resigned amid allegations of ties to Chen Zhi.

Separately, Singapore police announced the seizure of S$150 million (approximately HK$890 million) in assets linked to Chen Zhi and Prince Group at the end of last month.