PANews reported on November 10th that, according to Red Star News, Chen Zhi, founder of the Prince Group, was allegedly double-crossed by David Wong, the sole head of a Singapore-based family office. It is understood that David Wong was dismissed in July 2021, and between 2021 and 2022, Chen Zhi filed multiple lawsuits against him, accusing him of embezzling S$5.84 million (approximately RMB 31.91 million) from his bank accounts; over 80 legal documents were filed in connection with the case. Furthermore, the Singapore government has currently suspended tax incentives for two family offices associated with the Prince Group.PANews reported on November 10th that, according to Red Star News, Chen Zhi, founder of the Prince Group, was allegedly double-crossed by David Wong, the sole head of a Singapore-based family office. It is understood that David Wong was dismissed in July 2021, and between 2021 and 2022, Chen Zhi filed multiple lawsuits against him, accusing him of embezzling S$5.84 million (approximately RMB 31.91 million) from his bank accounts; over 80 legal documents were filed in connection with the case. Furthermore, the Singapore government has currently suspended tax incentives for two family offices associated with the Prince Group.
Chen Zhi, chairman of the "Prince Group," has been exposed as having been double-crossed in Singapore: over 31 million yuan was embezzled by his subordinates.
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PANews reported on November 10th that, according to Red Star News, Chen Zhi, founder of the Prince Group, was allegedly double-crossed by David Wong, the sole head of a Singapore-based family office. It is understood that David Wong was dismissed in July 2021, and between 2021 and 2022, Chen Zhi filed multiple lawsuits against him, accusing him of embezzling S$5.84 million (approximately RMB 31.91 million) from his bank accounts; over 80 legal documents were filed in connection with the case. Furthermore, the Singapore government has currently suspended tax incentives for two family offices associated with the Prince Group.
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