Article
[Prince Group Asset Tracing Advances Further: Chinese Victims May Be Able to File Claims, with Over 90000 Bitcoins Having Passed Through Affiliated Entities]
As Chen Zhi, the “ringleader” of Cambodia’s Prince Group, was apprehended, jurisdictions have successively initiated the disposal of assets related to Prince Group. In relation to 30 British Virgin Islands (BVI) entities actually controlled by Chen Zhi, the local court appointed Joint Provisional Liquidators (JPLs) to investigate and preserve the relevant assets. Insolvency proceedings in the British Virgin Islands are collective in nature, and eligibility to file claims is not determined by nationality or jurisdiction; potential victims from any jurisdiction may file claims. This means that victims of telecom fraud and online gambling from China may also be able to submit claims in the future. It is understood that “the scope of liquidation is not determined solely by sanctions.” Two companies that have not been sanctioned but are on the liquidation list, Amber Hill Ventures Limited (“AHV”) and Lateral Bridge Global Limited (“LBG”), were mentioned in U.S. judicial proceedings and are entities within the extensive network affiliated with Prince Group. Prosecutors stated that, of the more than 120000 Bitcoins forfeited in the United States, more than 90000 Bitcoins passed through AHV、LBG and another Cayman Islands-registered company, Future Technology Investment. No claim-filing and distribution process has yet been established for victims of telecom fraud and online gambling. If liquidation proceedings are commenced in the future and sufficient funds are available for distributions to creditors, the liquidators will establish a claims process, adjudicate claims, and make distributions in accordance with British Virgin Islands insolvency law.