The National Bank of Cambodia (NBC) has announced the immediate suspension of all new banking services at Prince Bank, effective January 8. This directive encompasses both the acceptance of new deposits and the provision of new loans. This significant regulatory action follows closely on the heels of the apprehension and extradition of Chen Zhi, the President of Prince Holding Group, along with two other Chinese nationals, Xu Ji Liang and Shao Ji Hui. They were returned to China on January 6, with the Ministry of Interior confirming these actions were part of international cooperation in combating transnational crime.
In conjunction with the suspension, the National Bank of Cambodia has appointed Morison Coins MK Audit-Accounting Co., Ltd. as the official clearinghouse for Prince Bank. This firm has been tasked with overseeing and managing all operations and assets of Prince Bank from January 8 onwards, ensuring compliance with the laws of the Kingdom of Cambodia.
Addressing concerns from the public, the NBC has reassured existing Prince Bank customers that they will be able to withdraw their deposited funds normally. Depositors are required to prepare the necessary documentation for withdrawal, and these requests will be processed in a prioritized manner, strictly adhering to the provisions outlined in the Law on Banking and Financial Institutions.
Conversely, individuals and entities who have outstanding loans from Prince Bank are obligated to continue fulfilling their repayment responsibilities as per their existing agreements. This ensures the continuity of financial obligations despite the changes in the bank’s operational status.
The National Bank of Cambodia, in collaboration with relevant government ministries, will maintain close vigilance and provide continuous oversight of the provisional governance and management of Prince Bank. This ongoing monitoring is crucial to protecting the interests of all depositors and customers throughout this transitional period, aiming to uphold financial stability and public confidence.
