Cambodia to liquidate bank founded by accused Prince Group boss | AGB
Summary
The National Bank of Cambodia has ordered the liquidation of Prince Bank, established in 2015 and operating 36 branches across 22 provinces and cities. The bank has been suspended from offering new services, including accepting deposits and issuing credit. Morisonkak MKA has been appointed liquidator. Customers can still withdraw deposits with proper documentation, while borrowers must continue to meet loan obligations.
The move follows the arrest and repatriation of Chen Zhi — accused by US prosecutors of running large-scale cyberfraud operations — and recent sanctions from the US and UK. Chen, who once advised Cambodia’s political leadership, had his Cambodian nationality revoked in December and may face up to 40 years in prison in the US on charges including wire fraud and money laundering. US authorities allege his operations ran scam compounds where victims and coerced workers carried out cryptocurrency “pig butchering” frauds that generated billions in losses globally.
Key Points
- National Bank of Cambodia ordered Prince Bank’s liquidation under national law.
- Prince Bank (founded 2015) has 36 branches and is barred from new deposits and lending.
- Morisonkak MKA appointed as the liquidator; depositors can withdraw with documentation.
- Action ties to allegations against Chen Zhi, sanctioned by US and UK for leading multibillion-dollar cyberfraud.
- Chen was arrested, extradited to China, had Cambodian nationality revoked and faces serious US charges including wire fraud and money laundering.
Context and relevance
This is part of a growing regional crackdown on organised scam operations centred in Cambodia, often linked to cross-border criminal networks and cryptocurrency laundering. The liquidation signals increasing regulatory and diplomatic pressure — from the US, UK and China — on Cambodia to address alleged complicity and sanctuary for these schemes. For banking, gaming and compliance sectors, the case highlights heightened risks around politically connected entities and the consequences of large-scale fraud investigations on financial institutions in the region.
Author style
Punchy: this is a major enforcement step with both political and financial fallout — worth reading in full if you work in regional banking, compliance, gaming or investigations.
Why should I read this?
Because this isn’t just one bank closing — it’s a sign the authorities and foreign governments are turning the screw on scam networks and anyone tied to them. If you care about regional risk, compliance headaches, or the future of Cambodia’s financial ties, this is the quick lowdown you need.
