PHNOM PENH: The US government has introduced another round of sanctions against individuals and business entities and individuals with ties to the Prince Group.
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned nine individuals, including a man described as a ‘big brother’ to Chen Zhi, as well as 26 entities with direct and indirect links to Prince Group, the conglomerate run by Chen Zhi.
The US now refers to the once-dominant Prince Group as the “Prince Group Transnational Criminal Organisation” (Prince Group TCO).
In addition, the US Treasury’s Financial Crimes Enforcement Network (FinCEN) took further action against the now-defunct Huione Group by including H-Pay Service PLC and any successor entity to the sanction list. It alleged that the group served as a critical channel for laundering proceeds of cyber heists and virtual currency investment scams used by the Prince Group to transfer and consolidate scam-derived assets.
The operating licence of Huione Pay PLC, the public arm of Huione Group, was revoked by the National Bank of Cambodia in September 2024. The business reportedly continued to operate after rebranding as H-Pay Service, which in turn had its licence revoked in March this year.
Prince Group founder Chen Zhi was arrested and deported to China in January. The group ceased operations and was placed into liquidation in the same month.
According to OFAC, the nine individuals are:
Hu Xiaowei (also known as Chen Xiao’er, Hu Shi or Wu An Ming). The second-in-command of the Prince Group TCO, who is also under investigation by Singaporean authorities.
Ho Ho Ming, a subordinate to Hu Xiaowei and a corporate officer in several front companies.
Kong Ka On, also a subordinate to Hu Xiaowei who controls multiple front companies in Hong Kong and the UK.
Li Hui, another subordinate to Hu Xiaowei and a corporate officer within his asset management network.
Brendon Luo and Qiu Weiren, both major investors in an alleged Prince Group TCO scam compound.
Dai An, a high-level leader in the Prince Group TCO, with connections to Prince Huan Yu Real Estate.
Fang Zhizhen, identified as an operator of online payment gateways and money launderer for the scam centers.
Chen Bo, the director of at least six Prince Group TCO companies and majority owner of Cambodia-based CCU Commercial Bank Plc.
In addition to the bank, the 26 entities scanted includes Thailand-based White Horse Hotel Management Group Co., Ltd, a hotel company controlled by Yang Yanming who was sanctioned in October 2025. The majority of the companies are registered in the UK, Hong Kong and British Virgin Islands.
“As a result of today’s action, all property and interests in property of the designated persons described above that are in the US or in the possession or control of US persons are blocked and must be reported to OFAC,” said an OFAC press release.
“Any entities that are owned, directly or indirectly, individually or in the aggregate, 50 per cent or more by one or more blocked persons are also blocked. Unless authorised by a general or specific licence issued by OFAC, or exempt, OFAC’s regulations generally prohibit all transactions by US persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons,” it added.
Both domestic and international individual or entities violating these sanctions will face severe civil or criminal penalties. Financial institutions and individuals also face sanctions exposure if they engage in transactions with blocked parties. The rules strictly prohibit providing or receiving any funds, goods or services to, from or for the benefit of sanctioned targets.
The US government is also offering a substantial reward exceeding US$1 million to informants anywhere around the world who can provide tip leads to a successful enforcement action, according to OFAC. - The Phnom Penh Post/ANN
