Whisky, Limos, Missing Millions: How Chen Zhi’s Singapore Empire Unravelled
Court filings reveal that David Wong allegedly masterminded a significant internal theft at the Singapore family office of the Prince Group boss, Chen Zhi.
Early Signs of Trouble
Initially, some staff members found it difficult to connect to the office copier. Soon after, their door access badges stopped functioning. Once access was regained, the team discovered a far more serious issue: millions had been siphoned from Chen’s bank accounts.
Allegations Against David Wong
Between 2021 and 2022, Chen’s family office filed several lawsuits accusing former executive David Wong of misappropriating S$5.84 million (US$4.5 million) from an account with Oversea-Chinese Banking Corporation.
Wong had been the sole director of Chen’s family company until his dismissal in July 2021, according to court documents.
Insights from Court Documents
Over 80 case documents related to the legal dispute offer a unique view of the extensive banking network Chen developed in Singapore, including the tax incentives he received from local regulators.
They also detail the routine bureaucratic operations behind managing his family office.
They shed light on how an individual accused by US authorities of being a criminal “mastermind” operated openly in Singapore for years.
Summary
This case illustrates the complexities and vulnerabilities in wealth management, revealing how a trusted executive allegedly exploited Chen Zhi’s financial empire under Singapore’s regulatory radar.
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