PANews reported on November 10th that, according to Red Star News, Chen Zhi, founder of the Prince Group, was allegedly double-crossed by David Wong, the sole head of a Singapore-based family office. It is understood that David Wong was dismissed in July 2021, and between 2021 and 2022, Chen Zhi filed multiple lawsuits against him, accusing him of embezzling S$5.84 million (approximately RMB 31.91 million) from his bank accounts; over 80 legal documents were filed in connection with the case. Furthermore, the Singapore government has currently suspended tax incentives for two family offices associated with the Prince Group.