Recently sanctioned Chinese-Cambodian businessman Chen Zhi has been linked to a network of entities in Hong Kong, with the move triggering regulatory measures and prompting auditors and directors to quit his firms.
Company documents reviewed by the Post reveal an interconnected group of firms sharing directors and addresses tied to Chen, luxury real estate and previously appointed international business figures, raising questions about the depth of his operations in Hong Kong and the potential exposure of associated entities.
Hong Kong police have frozen HK$2.75 billion (US$353 million) in assets, including cash, stocks and funds, believed to be the proceeds of crime from his cross-jurisdictional telecoms fraud and money‑laundering network.
The US Department of the Treasury designated Chen Zhi and the Prince Group Transnational Criminal Organisation (TCO) in mid-October, alleging that the group runs a criminal enterprise through online investment scams such as “pig butchering”, human trafficking, torture, money laundering and illegal online gambling.
Chen remained the controlling shareholder of two sanctioned Hong Kong‑listed firms, Geotech Holdings and Khoon Group, as of Friday.
Geotech Holdings stated in mid‑October that it expected no “material adverse impact” on operations, noting that Chen had no role in the group.
Grant Thornton, however, resigned as Geotech’s auditor with effect from November 21, last year, citing US sanctions on Chen Zhi – a former executive director and the controlling shareholder of Geotech – according to another Geotech filing.
