Overview
- Tang Nigel Wan Bao Nabil was detained on Dec 11 upon returning to Singapore for suspected money laundering linked to Chen Zhi and related companies, with investigations ongoing and his release on bail reported by people familiar with the case.
- The U.S. Treasury has identified Tang as the captain of Chen’s superyacht NONNI II, a director and operations head at Warpcapital Yacht Management, and head of operations at Capital Zone Warehousing, which managed a tax-exempt storage facility.
- Singapore authorities earlier seized or restricted more than US$150 million in assets tied to Chen and associates, including at least 15 bank accounts, property, vehicles, liquor stock and a yacht.
- Four Chen-linked firms sought a court-approved partial unfreezing of accounts to meet payroll and expenses, but prosecutors objected, calling the funds suspected tainted property, and a decision is pending after a hearing.
- U.S. prosecutors have indicted Chen as the alleged leader of a transnational network running online “pig butchering” scams and laundering billions through Prince Holding Group, and say he remains at large.