Prince Group Joint Provisional Liquidators: Chinese victims may be able to file claims; more than 90,000 BTC once flowed through affiliated entities

TechFlow news, October 28, according to Caixin, as Chen Zhi, the head of Cambodia's Prince Group, was apprehended, various jurisdictions have successively initiated the disposal of Prince Group-related assets. With respect to the 30 British Virgin Islands (BVI) entities actually controlled by Chen Zhi, local courts have appointed Joint Provisional Liquidators (JPLs) to investigate and preserve the corresponding assets.

It is reported that the liquidation list enumerates 30 BVI companies, including Prince Global GroupLtd, most of which are actually controlled by Chen Zhi, while the U.S. Treasury sanctions list enumerates only 28 BVI companies. In addition, 'the scope of liquidation is not determined solely by sanctions'; two companies that are not sanctioned but are on the liquidation list, Amber Hill Ventures Limited ('AHV') and Lateral Bridge GlobalLimited ('LBG'), were mentioned in U.S. legal proceedings. They are entities within the extensive network affiliated with Prince Group and are alleged to have no real purpose other than participating in money laundering.

Prosecutors said that of the more than 120,000 bitcoins seized in the United States, more than 90,000 flowed through AHV, LBG, and another Cayman Islands-registered entity, Future Technology Investment; among them, AHV's chairman and shareholder is Fan Yang, and LBG's chairman and shareholder is Minyi Tang. The two are referred to in the U.S. indictment as Chen Zhi's 'Conspirator 6' and 'Conspirator 7'.

For claims by victims of telecom fraud and online gambling, a claims filing and distribution process has not yet been established. If liquidation proceedings are later commenced and sufficient funds are available to support distributions to creditors, the liquidators will, in accordance with the British Virgin Islands insolvency law, establish a claims procedure, adjudicate claims, and make distributions.

Source: TechFlow