Cambodia’s central bank has ordered the liquidation of Prince Bank, founded by Chen Zhi, who faces US fraud charges and was extradited to China.
PHNOM PENH: Cambodia’s central bank has ordered the liquidation of a bank founded by accused scam boss Chen Zhi.
The National Bank of Cambodia (NBC) announced Prince Bank was placed under liquidation on Thursday.
Prince Bank has been suspended from providing new services, including accepting deposits and issuing credit.
The central bank appointed auditor Morisonkak MKA as the liquidator.
Prince Bank is a subsidiary of Chen’s Prince Holding Group, a major Cambodian conglomerate.
The NBC stated customers can withdraw deposits normally by preparing the required documents.
It added that borrowers must continue to fulfill their loan obligations as usual.
Chinese-born Chen was sanctioned by the US and UK in October for allegedly directing cyberscams.
Cambodian authorities arrested and extradited Chen to China on Tuesday.
Chinese authorities have not commented on his arrest since it was announced.
The US Justice Department declined to comment on the operation.
Chen faces up to 40 years in US prison if convicted on fraud and money laundering conspiracy charges.
The charges involve approximately 127,271 bitcoin, seized by the US and worth over $11 billion.
Prince Group has denied all allegations against it.
