Temasek rebuts Bloomberg report on alleged links to Cambodian scam group

Temasek Holdings has issued a strong rebuttal to a Bloomberg report that suggested links between the Singapore state investment firm, its portfolio companies, and a Cambodian organisation implicated in transnational scams.

In a statement released in response to Bloomberg’s 16 October 2025 article titled “Singapore Ties to Alleged Cambodian Scam Ring Under Spotlight”, Temasek called the report’s framing “misleading” and “mischievous”, asserting that it falsely implied the firm’s involvement with Prince Holding Group and individuals currently under US sanctions.

No relationship with Prince Group or Chen Zhi

Temasek stated unequivocally that it has no relationship with Prince Holding Group or any of its subsidiaries. Prince, chaired by Cambodian businessman Chen Zhi, has been named by US authorities as the head of a major transnational criminal operation.

Chen and his associates were sanctioned on 15 October 2025 by the US Treasury for alleged involvement in large-scale online scams and cryptocurrency-based money laundering, including practices involving forced labour and emotional manipulation in Cambodia.

Temasek also clarified that it was not involved in the appointment of Chen Xiuling—named as Chen Zhi’s associate and Chief Financial Officer of DW Capital Holdings—to the board of 17LIVE Group Ltd., a live-streaming platform that was recently listed via a merger with Vertex Technology Acquisition Corp (VTAC), a special purpose acquisition company.

Temasek’s limited stake in 17LIVE

Bloomberg’s report had highlighted that Temasek held a “deemed interest” of nearly 26% in 17LIVE, raising questions about indirect associations. In response, Temasek clarified that:

• The 26% interest is primarily held by its portfolio company Vertex Ventures.


• Temasek itself holds only a 3.6% stake, which it acquired after the SPAC listing.


• Temasek had no role in director appointments or daily operations of the firm.

According to 17LIVE’s Chief Investment Officer Joji Koda, Chen Xiuling’s appointment followed standard due diligence processes during the de-SPAC transaction. Koda stated the firm had “never done business with DW Capital, Chen Zhi, or Chen Xiuling,” and only became aware of the allegations when approached by Bloomberg.

SJ Group and Ascott clarify limited engagements

Temasek also addressed claims that its portfolio companies Surbana Jurong (SJ Group) and The Ascott Ltd. had formed closer ties with Prince Group through Canopy Sands Development Co., a Prince subsidiary involved in a proposed US$16 billion project in Sihanoukville.

SJ Group confirmed it had undertaken a one-time master planning assignment for Canopy Sands, which concluded in 2022. It held no ownership interest and has no ongoing projects with the group.

Ascott, a subsidiary of CapitaLand Investment Ltd., was engaged to provide hospitality management services for two hotels in Cambodia but similarly stated it holds no ownership stake. It emphasised its commitment to due diligence and compliance with applicable laws and sanctions.

Concerns over Singapore’s regulatory framework

The Bloomberg article also focused on DW Capital Holdings Pte, a single family office established in Singapore by Chen Zhi and Chen Xiuling in 2018. The firm claimed to receive tax incentives under the Monetary Authority of Singapore (MAS)’s 13X scheme.

MAS has confirmed it is “looking into whether there have been any breaches” of its requirements in light of the sanctions and allegations.

The case follows recent scrutiny over Singapore’s financial sector after its largest-ever money laundering case earlier in 2025 involved the misuse of family office structures and tax incentives.

Property investments draw further attention

Chen Zhi and another sanctioned associate, Li Thet, were reported to have purchased luxury properties in Singapore, further drawing attention to the reach of Prince Group’s financial dealings within the city-state.

While Singapore Police have not confirmed whether a formal investigation has been launched, the report has intensified public and regulatory interest in how foreign entities may exploit gaps in oversight.

Temasek demands accurate representation

Temasek concluded its response by criticising the Bloomberg report for failing to provide a balanced view. The investment firm stated it expects its portfolio companies to operate with full legal compliance and reiterated that it does not direct operational matters.

It asserted that the article unfairly conflated professional engagements and minority shareholdings with active relationships, potentially misleading readers about its involvement.