Sanctioned Chen Zhi’s Hong Kong firms rocked by resignations and frozen assets
Police freeze HK$2.75 billion in assets tied to tycoon amid probes into alleged telecoms fraud, money laundering and ‘pig butchering’ scams
Company documents reviewed by the Post reveal an interconnected group of firms sharing directors and addresses tied to Chen, luxury real estate and previously appointed international business figures, raising questions about the depth of his operations in Hong Kong and the potential exposure of associated entities.
Hong Kong police have frozen HK$2.75 billion (US$353 million) in assets, including cash, stocks and funds, believed to be the proceeds of crime from his cross-jurisdictional telecoms fraud and money-laundering network.
The US Department of the Treasury designated Chen’s Prince Group network as a “transnational criminal organisation” in mid-October, alleging that the group runs a criminal enterprise through online investment scams such as “pig butchering”, human trafficking, torture, money laundering and illegal online gambling.
Chen remained the controlling shareholder of two sanctioned Hong Kong‑listed firms, Geotech Holdings and Khoon Group, as of Friday.
Geotech Holdings stated in mid‑October that it expected no “material adverse impact” on operations, noting that Chen had no role in the group.
Grant Thornton, however, resigned as Geotech’s auditor with effect from November 21 last year, citing US sanctions on Chen, a former executive director and the controlling shareholder, according to another company filing.