A Singapore court has rejected an application by four companies linked to Cambodia’s Prince Group to unfreeze seized funds, ruling that the applicant did not provide credible evidence to justify the request. The decision was detailed in court documents seen by Lianhe Zaobao, as reported by the outlet on Wednesday.
The companies had asked the court to release portions of their frozen accounts to cover staff salaries, legal fees and outstanding taxes. The application was submitted by a woman surnamed Wu, a former human resources manager at DW Capital, who filed the request on behalf of director Chen Xiuling Karen.
District Judge Goh Siew Yun found Wu’s statements unreliable. The judge questioned whether Wu, whose responsibilities were limited to recruitment and payroll, had the proper basis to make financial claims about the companies. The court noted that she resigned in October 2025 yet listed non-current assets for all four companies without identifying her sources.
The companies are associated with Singapore citizens Yang Xinfah and Chen Xiuling, both of whom left Singapore in September and October 2025 and were later sanctioned by the US in connection with the Prince Group case. Authorities repeatedly instructed them to return to assist investigations, but they did not comply.
The court said evidence shows that the companies may be connected to overseas entities and that Chen Zhi, founder of the Prince Group, is the ultimate beneficiary. This raised questions about whether the companies could obtain funds from related foreign entities instead of relying on frozen assets.
Judge Goh said indications of potential large-scale cross-border money-laundering activity warrant allowing investigators more time. She emphasized the need to preserve the seized funds due to their suspicious nature.
The applicants’ legal representative from Fervent Chambers said they are reviewing the ruling and considering available options.
According to Cambodian authorities, Prince Group founder Chen Zhi has been arrested following joint investigations with China. His Cambodian citizenship was revoked in December, and he has been extradited to China along with other suspects.
The companies involved include DW Capital, Capital Zone Warehousing, Skyline Investment Management and Citylink Solutions
