Cambodia’s alleged scam group execs suspected of money laundering in Japan

PHNOM PENH - Two senior executives of Prince Holding Group, a Cambodian conglomerate accused of being one of Asia’s largest transnational criminal organisations, purchased luxury real estate in and around Tokyo in a possible money-laundering scheme, sources familiar with the matter said and official property records showed on April 9.

A Chinese Cambodian national who serves as an executive of six companies within the conglomerate bought a house on a 1,600sqm plot of land in the Japanese capital’s Suginami Ward for over 800 million yen (S$6.4 million) in cash on Oct 10 last year, according to the sources and real estate registration documents.

He sold the house to a man of Chinese descent the following month, shortly after the US and British governments imposed economic sanctions on Prince Holding Group and its chairman Chen Zhi, a Cambodian national of Chinese descent, on Oct 14 for their involvement in international fraud and human trafficking.

Japan has been criticised for its lax anti-money laundering measures. Prime Minister Sanae Takaichi has been pushing for stricter regulations on real estate purchases by foreign individuals or companies.

The man also owns a luxury home on a lot totalling over 2,300 sqm in Chiba Prefecture. It is currently on sale for 300 million yen. The house’s purchase documents show the owner’s address to be near Prince Group’s headquarters.

Another man in his 30s, who serves as an executive of Prince Plaza Investment Co, a company affiliated with Prince Group, bought a 200 square metre condominium unit in Tokyo’s Shibuya Ward for over 1 billion yen in cash last April. He does not live there.

According to the sources, the registration documents show the man’s address matches that of Chen, who is currently detained by the Chinese authorities. KYODO NEWS