SINGAPORE, Dec 29 — Singapore authorities may seize more assets linked to Cambodian tycoon Chen Zhi after their existence was disclosed during a court hearing, according to The Straits Times.

Investigators from the Commercial Affairs Department (CAD) are understood to be looking to seize cheques worth more than S$3.7 million (RM11.6 million), bonds valued at over US$200,000 (S$257,000), and security deposits totalling S$362,200. 

The disclosure followed a November 18 court application by a former employee of Chen’s Singapore-based family office, DW Capital, seeking the release of frozen funds.

Filed by the former human resources manager on behalf of DW Capital’s sole remaining director, Karen Chen Xiuling, the application covered funds held by four Singapore-registered companies linked to Chen: DW Capital, Capital Zone Warehousing, Skyline Investment Management and Citylink Solutions. Three of the firms are sanctioned by the US Treasury.

The applicant sought the release of more than S$332,000 for salaries incurred since the accounts were frozen, S$459,000 for corporate taxes, and about S$102,000 a month for future expenses. 

CAD objected, citing “complex ongoing investigations spanning massive volumes of transactions going back to 2017”. No judgment has been issued.

The case sits within a widening international crackdown. 

In October, the US and Britain imposed sweeping sanctions on Chen and Prince Group, accusing them of money laundering, wire fraud and operating forced-labour scam compounds in Cambodia. 

The US Treasury designated Prince Group a “transnational criminal empire”, while US authorities seized nearly 130,000 bitcoins worth about US$15 billion. British authorities separately confiscated at least 19 London properties.

In Singapore, police raids last month led to the seizure of assets worth more than S$150 million. 

At least eight bank accounts held by the four companies were frozen, containing more than US$513,000 and over S$3.5 million. CAD believes the funds are suspected proceeds or benefits of criminal conduct.

Three Singaporeans — Karen Chen Xiuling, Alan Yeo Sin Huat and Nigel Tang Wan Bao Nabil — have been implicated and sanctioned by the US. Tang, the captain of Chen’s superyacht Nonni II, was arrested on Dec 11. Chen and Yeo remain uncontactable, while Karen Chen is believed to be in Cambodia.

Prince Group has rejected the allegations as “baseless”, saying they were intended to justify the seizure of assets worth billions.