NUS and NTU clarify end of links with Cambodia’s Prince Holding Group after founder’s US indictment

SINGAPORE: The National University of Singapore (NUS) and Nanyang Technological University (NTU) have clarified that they no longer have any collaboration with Cambodia’s Prince Holding Group, whose founder has been indicted in the United States for telecommunications fraud and money laundering.

The clarification came after media reports revealed that students from both universities had previously visited or worked with the group under academic or industry exposure programmes.

According to NUS, 30 students had visited Prince Holding Group’s headquarters in Phnom Penh in February 2024 as part of the Global Industry Insights programme to learn about emerging Asian economies.

“Prince Group was one of several companies visited during the trip,” an NUS spokesperson told Lianhe Zaobao.

“We do not intend to have further engagement with the company.”

NTU also stated that it has no ongoing collaboration with Prince Group or its subsidiaries.

The university confirmed that the group was one of its corporate partners for the NTU PEAK ASEAN overseas study programme in 2022 and 2023, and that in 2024, the Prince Foundation, the conglomerate’s charitable arm, also participated.

However, NTU emphasised that it has never received donations from Prince Group or any related entities.

Prince Group Founder Accused of Running Massive Fraud Empire

The US Department of Justice (DOJ) announced on 14 October 2025 that Prince Holding Group founder and chairman Chen Zhi was charged with telecom fraud and money laundering, alleging that he used his conglomerate — which spans real estate, finance, and consumer goods — as a front for a global scam network.

The DOJ also reported that around US$15 billion (S$19.4 billion) in assets had been seized, and that Chen and the group had ties to 128 companies worldwide, including 17 in Singapore.

In Singapore, police investigations into Chen and his associates had already been launched before the US indictment, revealed Chee Hong Tat, Minister for National Development, and Deputy Chairman of the Monetary Authority of Singapore in Parliament on5 November.

Police have since seized over S$150 million (US$110 million) in local assets linked to Chen.

Prince Group Previously Promoted Ties with Singapore Universities

Prince Holding Group had earlier showcased its ties with Singapore institutions on its website, featuring photos of the 2024 NUS student visit to its Phnom Penh headquarters.

The group described the visit as evidence of the “synergy between academia and business in nurturing future leaders.”

Similarly, an 29 October report by The Washington Post alleged that the group leveraged connections with Singapore institutions to bolster its legitimacy, despite its alleged involvement in global scam networks.

On its website, Prince Group continues to describe Chen Zhi as a “respected businessman and philanthropist” in Cambodia, citing the Prince Foundation’s charity work benefitting local communities.

On 11 November 2025, Prince Group issued a statement denying allegations that it or its Chairman, Chen Zhi, engaged in any unlawful activity, describing the claims as baseless and harmful to thousands of innocent employees, partners, and communities.

The conglomerate reaffirmed its commitment to transparency, lawful operations, and sustainable growth, expressing confidence that it will be fully exonerated once all evidence is reviewed.