A Singaporean female executive of Prince Group, who was remanded for investigations after being charged with allegedly abetting the falsification of an agreement and attempted cheating, has been granted bail of S$160,000.
The accused, Chen Xiuling (44, also known as Karen Chen), was charged with one count of abetting the falsification of accounts and one count of attempted cheating last Friday (6 November). Her case was heard at the State Courts on Thursday (12 November).
When Chen Xiuling was charged, the prosecution successfully applied to have her remanded for six days for investigations. On Thursday morning, the prosecution said she no longer needed to be remanded and could be released on bail of S$160,000.
Chen Xiuling’s lawyer told the court that arrangements for her bail would be made that day.
The judge approved the prosecution’s application. As the prosecution needed more time for investigations, the case was adjourned to 14 January next year for a further mention.
Chen Xiuling’s lawyer is from Rajah & Tann Singapore LLP.
According to earlier reports, Chen Xiuling was a director of several Singapore-registered companies believed to be owned by Prince Group founder and chairman Chen Zhi. These include Skyline Investment Management (Skyline) and Capital Zone Warehousing (CZW).
In September 2022, Skyline submitted a business plan and a false agreement to JTC Corporation in an application to take over the lease of a property.
According to the charges, on or before 6 September 2022, Chen Xiuling allegedly abetted a CZW employee in falsifying a cigar investment agreement with Cars and Coffee Gem Pte Ltd (CCG). The agreement falsely stated that CCG would invest S$23 million in CZW to buy the cigars listed in the agreement, with CZW responsible for their distribution, storage and sale over a three-year period.
She is also accused of submitting the false agreement on or around 26 September 2022 in an attempt to deceive JTC Corporation.
Since June, police have issued prohibition of disposal orders against another 14 properties and seized multiple bank and securities accounts, involving assets with a total estimated value of about S$100 million. To date, the total value of assets seized or placed under prohibition of disposal orders in connection with Prince Group exceeds S$700 million.
Chen Zhi, who has been charged in the US with alleged telecommunications fraud and money laundering, has several affiliated companies in Singapore. Three Singapore citizens have been placed on the US sanctions list over suspected links to the group. Chen Xiuling is one of them.
Under Sections 477A and 109 of the Penal Code, anyone convicted of abetting the falsification of accounts faces up to 10 years’ imprisonment, a fine, or both. Under Sections 420 and 511, anyone convicted of attempted cheating faces up to 10 years’ imprisonment and a fine.
