BlockBeats News, October 26th, according to foreign media reports, a Singaporean family office has once again become the focus due to a major fraud case involving the Cambodian Prince Group. The head of the Prince Group, Chen Zhi, established a Singapore company, DW Capital Holdings (DWC), in 2018 to manage the family office’s assets, claiming to have assets under management exceeding 60 million Singapore dollars.
The company claims to meet the Monetary Authority of Singapore’s 13X Program criteria and enjoys tax exemptions. Its managed assets include 10 million Singapore dollars in car financing, 30 million Singapore dollars in boutique winemaking, and approximately 20 million Singapore dollars in yacht management and other related services. Currently, the MAS is investigating whether the company has violated any regulations.
