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JOINT STATEMENT BY PRINCE HOLDING GROUP AND DUANE MORRIS & SELVAM LLP IN RESPONSE TO INTERVIEW OF MR. JACK ADAMOVIĆ DAVIES BY THE DIPLOMAT

An online news magazine The Diplomat, published an interview with freelance Serbia based “journalist” Mr. Jack Adamović Davies, who recently authored a trio of articles making serious allegations against Prince Holding Group. These were published over the Chinese New Year period.

Prince Holding Group’s response to the interview is set out below.

1. In the interview, Mr. Davies admitted that he has dedicated the past three years building his case around the narrative that Prince Holding Group’s profit is derived from transnational crime. Furthermore, Mr Davies has alleged of a corrupt Cambodian government who has “rented out Cambodia’s sovereignty” to protect Prince Holding Group and its Chairman, Mr. Chen Zhi.

2. At the conclusion of this three-year investigation, Mr. Davies has admitted that “We still can’t say for certain where all his money comes from”. In other words, Mr. Davies is unable to identify conclusive evidence towards his allegations.

3. Nevertheless, Mr. Davies has doubled down on his unfounded allegations, throwing up various reasons as to why he still believes his suspicions are correct. These reasons are completely without merit, and we have already addressed them in our previous clarifications dated 6 February 2024,  9 February 2024and 13 February 2024 respectively. In addition, we have also published these clarifications via various prominent Cambodian media, namely Phnom Penh Post, Khmer Times, Cambodia Investment Review, and EAC News. We address them again below.

4. First, Mr. Davies alleges that Chinese law enforcement has been investigating Prince Holding Group for several years now. He further alleges that Chinese law enforcement has identified $700 million in profits linked to Prince Holding Group, which is alleged to be generated from illegal online gambling and money laundering operations. This is false. The Chinese courts have not made any finding that the Prince Holding Group has profited or is involved in any illegal activities, and Chinese law enforcement has not summoned any of Prince Holding Group’s executives for questioning. In fact, Mr. Davies himself has admitted that the Chinese authorities have not charged any of Prince Holding Group’s management, let alone convict them.

5. Second, Mr. Davies alleges that Prince Holding Group is involved in money laundering, claiming that senior Prince Group officials are in control of companies involved in money laundering activities. This is false. Mr. Davies has not identified a single instance of funds being transferred to or out of Prince Holding Group, or its subsidiaries, in a suspicious manner, or to or from a suspicious entity. Nor has Mr. Davies identified a single instance of any Prince Holding Group subsidiaries being involved in money laundering, in any of his three lengthy articles. He has not identified any instances because there are none.

6. Third, Mr. Davies claims that he has identified “plenty of crossover between the Prince Group” and the management of the “Golden Fortune Science and Technology Park” linked to stories of torture and enslaved workers. However, he has conveniently omitted to disclose who or what these alleged “crossovers” are. This is because Mr. Davies’s allegation is false. Mr. Davies has not been able to identify a single instance of any Prince Holding Group employee, shareholder or director, being an employee, shareholder or director of the company, Golden Fortune, which he alleges manages the compound. Again, Mr. Davies is unable to identify conclusive evidence towards his allegations.

7. At the heart of Mr. Davies’ conspiracy theory are three fundamental beliefs: (1) in his own words, Mr. Davies cannot understand how an immigrant rose to prominence in Cambodia, (2) Mr. Davies cannot accept that Prince Holding Group has succeeded on its own merits, and (3) Mr. Davies holds the firm view that all success seen in developing Asian countries are the product of crime and corruption. These beliefs, which are racist, reductionist, and clearly motivated by resentment, have driven Mr. Davies to become entrenched in his allegations, even when all he has are rumors and tenuous links.

8. Prince Holding Group categorically denies the allegations made by Mr. Davies. It is regrettable that Mr. Davies continues to push his unsubstantiated claims about Prince Holding Group under his brand of so-called “journalism”, which is sensationalised, agenda-driven and irresponsible.

As previously stated, Prince Holding Group has engaged law firm, Duane Morris & Selvam LLP to advise it on its rights and the appropriate next course of action.

By:Prince Holding Group

Duane Morris & Selvam LLP



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