Taiwanese Billionaire with Cambodian Oknha Title Arrested for Online Gambling and Money Laundering

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Taiwanese Billionaire with Cambodian Oknha Title Arrested for Online Gambling and Money Laundering

Post by CEOCambodiaNews »

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Taiwanese billionaire with Malaysian, Cambodian, Indonesian titles arrested for alleged money laundering
06 Nov 2020
Chuang Chou-wen (莊周文), a billionaire chairman of a financial holding headquartered in Taichung, Taiwan, has been arrested for his alleged connection to illegal gambling and money-laundering, and as of Wednesday (Nov. 4), he was being held in Changhua, Taiwan.

Chuang, the chairman of Xin Li Wang Intl. Holding Group (新力旺國際控股集團), had been at large since Aug. 11, when local police busted an underground gambling and money laundering operation. The police believe the billionaire, who managed to escape the authorities in August, to be the leader of the crime ring.

The legendary tycoon — who holds honorary titles from three Southeast Asian nations — started his electrolyzed water business from scratch, amassing a great fortune. Well before the Taiwan government’s New Southbound Policy began to take hold, Chuang turned to real estate and expanded his reach to Southeast Asia.

His overseas investments span several ASEAN countries, including Cambodia, Malaysia, Indonesia, and Laos, according to LTN reports. His financial holding pours money into the technology and construction sectors in Malaysia, land development deals in Cambodia, and he was even appointed as a board director of the Lao Construction Bank.

In Malaysia, Chuang had the title of Tan Sri conferred on him — the highest title bestowed by the king and of which there are less than 500; in Cambodia, he received the title of Oknha for his investment in the country; and in Indonesia, he was recognized as a Justice of the Peace.

The tycoon’s financial holding reportedly made successful investments in restaurants, yacht businesses, gaming machines, and the multi-billion dollar online gaming industry.

By Sophia Yang, Taiwan News, 5 November 2020
Last edited by CEOCambodiaNews on Sat Nov 07, 2020 1:49 am, edited 1 time in total.
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Re: Taiwanese Billionaire with Cambodian Oknha Title Arrested for Gambling and Money Laundering

Post by CEOCambodiaNews »

Taiwanese Tycoon With A 'Tan Sri' Title Arrested For Alleged Connection In Online Gambling
While the online gambling servers are based in Taiwan, the players are mostly from China, the Philippines, and Malaysia.
By Yap Wan Xiang — 06 Nov 2020, 01:32 PM
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Upon his arrest, the local authorities announced that they have confiscated approximately RM43 million worth of luxury vehicles

In a press conference on Thursday, 5 November, Taiwan's Criminal Investigation Bureau (CIB) displayed photos of 13 supercars seized during their raid at Chuang's mansion and company, reported China Press.

The cars include a McLaren sports car with a market price of over RM14 million, three Lamborghinis, two Ferraris, a Rolls-Royce, a Morgan retro sports car, two Porsches, a Bentley, a Maserati, and a Mercedes S550s.

Previously, Chuang caught media attention after he bought a private jet — Gulfstream G650ER — for approximately RM304 million.
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Leading up to his arrest on Wednesday, it was rumoured that he had escaped to Southeast Asia on his private jet following the crackdown on his operation in August.
https://says.com/my/news/taiwanese-tyco ... e-gambling
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