Prince Group Founder Chen Zhi Alleges Former Associate Embezzled Over ¥31 Million

Singapore’s High Court ruled David Wong and his firms must repay over S$12M after Chen Zhi accused him of misappropriating funds in 2021–2022.

120d ago

Summary

Cambodian Prince Group founder Chen Zhi accused his former business partner, David Wong, of misappropriating S$5.84 million between 2021 and 2022. Singapore’s High Court ordered Wong and his companies to repay more than S$12 million. Following the judgment, Wong has filed for bankruptcy.

Terms & Concepts

Embezzlement: The act of fraudulently taking property or funds entrusted to one’s care, often from an employer or organization.
S$: The currency symbol for the Singapore dollar, the official monetary unit of Singapore.