Singapore Family Office Incentives Under Review Amid Chen Zhi Investigation

Singapore family office incentives are under scrutiny as authorities review a 2018 vehicle linked to Prince Holding Group chairman Chen Zhi, following his indictment in the US for allegedly directing a cyber-fraud network. Thailand’s Cyber Crime Investigation Bureau said it will coordinate with US agencies on potential asset seizures, while Singapore police are reviewing the case with overseas counterparts. US officials have seized around USD15bn in bitcoin, while the UK froze 19 Chen-linked properties, including a GBP100m (USD128m) London office block and a £12m (USD15.4m) mansion. Regulators in Singapore are examining whether the family office met incentive rules, with a review under way for possible breaches. Thai officials said asset repatriation and money-laundering charges may follow if local ties are confirmed.