It was confirmed that 91.2 billion won of funds from Cambodia's Prince Group, which was recently placed under international sanctions on charges including human trafficking and unlawful confinement, still remains in accounts of local subsidiaries in Cambodia of Korean financial firms.
According to "transaction details between domestic banks and Cambodia Prince Group" submitted by Rep. Kang Min-guk of the National Policy Committee on Oct. 20 from the Financial Supervisory Service, five local subsidiaries in Cambodia of Korean financial firms—KB Kookmin Bank, Jeonbuk Bank, Woori Bank, Shinhan Bank, and IM Bank—conducted a total of 52 transactions with Prince Group. The total transaction amount reached 197.045 billion won.
The institution with the most transactions was Jeonbuk Bank. Prince Group placed a total of 47 time deposits at Jeonbuk Bank (40 matured and closed), with total transaction value of 121.696 billion won. More than 90 billion won of Prince Group funds still remain at four local subsidiaries of Korean financial companies. ▲ KB Kookmin Bank 56.659 billion won ▲ Jeonbuk Bank 26.85 billion won ▲ Woori Bank 7.021 billion won ▲ Shinhan Bank 645 million won in deposits, respectively.
Prince Group is a large corporate conglomerate that has operated various businesses including real estate and finance, exerting significant influence on Cambodia's economy. Recently, the international community has identified it as the organization behind serious crimes such as human trafficking, online fraud, and unlawful confinement. The U.S. and U.K. governments have jointly imposed sanctions on Prince Group and the company's chair, Chen Zhi.