Prince Holding Group Liquidators Say Chinese Victims Could Claim Chen Zhi Assets in BVI

Joint provisional liquidators for 30 British Virgin Islands entities allegedly controlled by Chen Zhi said Chinese victims could file compensation claims under BVI insolvency law if the cases proceed to liquidation and sufficient funds are available. Caixin Global reported the position on October 29, 2026, adding that no claims or distribution process has yet been established.

Prince Holding Group and the BVI Liquidation

Prince Holding Group is a Cambodian conglomerate allegedly controlled by Chen Zhi and linked to online-scam and illegal-gambling operations, according to the report. The liquidators said eligibility for any eventual claims process would not be determined by nationality or jurisdiction, and that the process would aim to treat claimants "fairly and consistently."

Paul Pretlove, James Drury and David Standish of Interpath were appointed as joint provisional liquidators by a BVI court, a day after Chen's arrest, on an ex parte application by the territory's attorney general's office. Their tasks include taking control of the companies, tracing and preserving assets, and providing compensation to victims. The report said parties claiming to represent Chen, Prince Group entities or other interested parties have challenged the appointment and the liquidators' actions in several jurisdictions, making the provisional liquidation more complicated, time-consuming and costly than expected.

Cosimo Borrelli told courts in New York and the BVI that he was sole director of 25 of the companies covered by the liquidation, appointed from February 23 to 27, 2026, by lawyers holding broad powers of attorney from Chen. The New York bankruptcy court on June 11 recognized the BVI case as a foreign main proceeding and the liquidators as foreign representatives; Borrelli appealed, and the appeal had not been decided as of publication.

What the Prince Holding Group Records Show

Company records show Prince Holding Group was founded in 2015 and is headquartered in Phnom Penh, with a headcount range of 1,001 to 5,000, according to akta.pro company records. The same records describe the group as associated with a domain registered at Namecheap that currently resolves to a parked page, with no business operations, products, customers or management information disclosed in the available source data.

Earlier Actions Against Prince Holding Group

Cambodian courts froze nearly $1 billion in Prince Group assets, including casinos used to hide online scams, covering over $300 million in bank accounts, 28 casino locations and thousands of properties, InsideBitcoins.com reported in October 2026. The European Union imposed sanctions on Prince Holding Group and Chen Zhi in July 2026 over alleged large-scale cyber-scams and human trafficking, according to OCCRP. Cambodian police raided two buildings at Phnom Penh's Prince Plaza on May 16, detaining 104 people from seven countries, including 82 Chinese nationals, on suspicion of telecom fraud, Caixin Global reported in May 2026.

Ding Jie on Claims and Chinese Law

Ding Jie, a partner at Duan & Duan Law Firm and the liquidators' China legal adviser, said Chinese victims could file claims in the future if the liquidators' authority withstands challenges and if doing so complies with Chinese law. The liquidators said their immediate priorities are obtaining books and records, identifying assets and preserving their value, and that they hope to develop a working relationship with Chinese authorities on international cooperation.