Taiwanese authorities have intensified investigations into the Prince Holding case after the U.S. sanctioned nine affiliated companies and three nationals. The Ministry of Justice Investigation Bureau (MJIB) is probing the shell companies, and the Taipei District Prosecutors’ Office seeks further prosecutions.
On October 14, the U.S. Department of the Treasury designated the nine companies and three individuals as Specially Designated Nationals. The action followed a federal court indictment charging Prince Holding founder Chen Zhi with fraud, conspiracy, money laundering, and running suspected forced-labor operations in Cambodia.
Intelligence shared by Taiwan, the U.S., and Palau revealed Prince Holding attempted to set up companies in Palau for illicit activities. Last year, MJIB Director-General Chen Pai-li met Palau’s Attorney General Ernestine Rengiil to share Taiwan’s experience in prosecuting telecom fraud. They also discussed the Prince Holding case in detail.
Authorities suspect Beijing may have supported investments to strain Taiwan-Palau relations. The MJIB sent four specialists to Palau to train law enforcement in money-laundering prevention and investigations. They uncovered several fraud cases and multiple server sites linked to the company.
During a recent legislative session, Democratic Progressive Party legislator Huang Jie asked about Chen Zhi’s movements in Taiwan. National Police Administration Director-General Chang Jung-hsing confirmed prosecutors are leading the investigation. He added that Taiwan shared information with the FBI, although the U.S. has not formally requested it.
The NPA can apprehend Chen if he tries to enter or leave Taiwan. Authorities said they will confiscate assets if companies are found guilty. They also plan to return losses to Taiwanese victims.
The nine Taiwanese companies under investigation include Alphaconnect Investments Co, Alphaconnect Investments II Co, Greenbay Properties, Huntsman Investments Co, Majesty Properties Co, Drew Properties Co, Drew Properties II Co, Binary Properties Co, and Taiwan Prince Real Estate Investment Co.
The Prince Holding case highlights growing international cooperation against cross-border financial crimes. It also underscores the need for strong law enforcement networks across jurisdictions.
