Whisky, limos, missing millions: how Chen Zhi’s Singapore empire unravelled
Court filings reveal how David Wong allegedly orchestrated an internal heist at the Prince Group boss’ Singapore family office.
Initially, some staff had trouble connecting to the office copier. Days later, their door badges stopped working. Once access was restored, employees discovered a far graver issue: millions of dollars had been drained from Chen’s bank accounts.
Between 2021 and 2022, Chen’s family office filed multiple lawsuits accusing former executive David Wong of “misappropriating” S$5.84 million (US$4.5 million) from an Oversea-Chinese Banking Corporation account. Wong was the sole director of Chen’s family firm before his dismissal in July 2021, as revealed in court filings.
Insights from court documents
Over 80 case documents filed during the legal dispute offer a detailed look at the extensive banking network Chen developed in Singapore and how he secured tax advantages from regulatory authorities. These records also expose the mundane bureaucracy involved in running the family office.
They shed light on how an individual accused by US authorities of being a criminal “mastermind” managed to operate openly in Singapore for years.
Author’s summary: The case reveals the shocking internal fraud in a powerful Singaporean business empire, exposing vulnerabilities despite strict oversight and a complex banking setup.
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