Cambodia’s Prince Group denies link to scams after asset seizures
A Cambodian conglomerate whose founder has had more than $15 billion of allegedly ill-gotten assets seized said it “categorically rejects” claims he amassed his fortune running an internet scam empire.A frenzy of asset confiscations in Europe, the United States and Asia have targeted Cambodia’s Prince Holding Group — with authorities alleging its founder Chen Zhi was running a transnational criminal organisation.The US Justice Department in October unsealed an indictment against the tycoon, accusing him of presiding over forced labour camps in Cambodia where trafficked workers conduct online scams.US investigators seized around $15 billion worth of Bitcoin they allege are criminal proceeds — the largest forfeiture action in the Justice Department’s history.Britain also froze business and property assets worth more than $130 million while Taiwan, Singapore and Hong Kong each swooped with national seizures as high as $350 million.”The Prince Group categorically rejects the notion that it or its Chairman, Chen Zhi, has engaged in any unlawful activity,” said the company on Tuesday.”The recent allegations are baseless and appear aimed at justifying the unlawful seizure of assets worth billions of dollars,” added the statement — the first by the company since the crackdown began.”We are confident that when the facts come out, the Prince Group and its Chairman will be fully exonerated.”One of Cambodia’s largest conglomerates, Prince Holding Group has operated across more than 30 countries with interests in real estate, financial services and consumer businesses since 2015.The business empire is ubiquitous in the Southeast Asian country, boasting $2 billion in real estate investments, including a large shopping mall, Prince International Plaza, in the capital Phnom Penh.The company said allegations against it “have caused undue harm to thousands of innocent employees, partners and communities who the Group serves”.But prosecutors accuse the company of being a corrosive influence — running elaborate online networks that target people with romance or business cons and launder the proceeds through cryptocurrency.Cyber-scam operations have mushroomed across Southeast Asia — often operating from unassuming office blocks or warehouses, where con artists target marks living on the other side of the world.Some workers go willingly to the scam hubs, while others are trafficked and held in prison-like conditions.The US Justice Department last month called Prince Group “one of Asia’s largest transnational criminal organizations” and said Chen — a joint British-Cambodian national — remains “at large”.
Ethiopia’s invasive prosopis tree chokes livelihoods and landWed, 12 Nov 2025 03:32:47 GMT
Once hailed as a solution to Ethiopia’s creeping desertification, a foreign tree is now spreading uncontrollably across the east African nation, threatening fragile ecosystems and the very survival of local communities.Native to Latin America, the prosopis shrub-like tree was first planted in Ethiopia’s northeastern Afar region in the 1970s.It has become a nightmare for locals …
La France met en garde contre l’instabilité dans les Caraïbes à l’ouverture du G7
La France s’est dite mardi “préoccupée” par les opérations militaires dans les Caraïbes au premier jour d’une réunion des ministres des Affaires étrangères du G7 au Canada qui, outre la question du narcotrafic, doivent discuter de la guerre en Ukraine et au Soudan.Les chefs de la diplomatie du G7 — Allemagne, Grande-Bretagne, Canada, France, Italie, …
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In Ecuador port city, residents divided over possible return of US military
This Sunday, Ecuadorans will vote on whether to allow foreign military bases to return to the country. In Manta, a Pacific city that for a decade hosted an outpost of US forces, opinions are divided. The old US airbase now stands empty — its rooms vacant, windows gone, with dust and weeds taking over.But Ecuadorans — led by President Daniel Noboa — want to return “US Forward Operating Location” Manta to past glories. On Sunday, he will ask voters for their permission, arguing a return of US troops would help fight rampant drug trafficking.Since leftist president Rafael Correa decided to kick US forces out in 2008, Ecuador has gone from being one of the safest countries in Latin America to one of the most dangerous. Noboa sees a direct link: “We’re going after those who’ve had free rein since 2008,” he said after recently touring the site with a top US official. Voters seem receptive. About 61 percent of Ecuadorans plan to vote in favor of repealing a ban on foreign bases, according to the Cedatos polling firm. But support is not universal.- ‘Waste’ and ‘abuse’ -For people like Trinidad Rodriguez, who sells food on Manta’s streets, the idea is misguided. “It’s a waste of time and money,” she told AFP, arguing that resources would be better used to help the poor. “We’re forgotten. We don’t even have water.” Other locals are more resolute in their opposition. They recall disappearances and alleged abuses between 1999 and 2009, when thousands of US personnel passed through the resort city while carrying immunity from prosecution. The base was used to run US intelligence reconnaissance flights, detecting potential drug smuggling. On the water, the US Coast Guard contingent was charged with intercepting any boats spotted and was accused of sinking several fishing boats. In all, more than 5,000 missions took place, according to an Ecuadoran parliament report. In Los Esteros, a fishing neighborhood near the base, Maria Urgiles still mourns her husband, who vanished at sea in 2002.She is in no doubt about his fate: “The Forward Operating Post (US forces) sank the boat. Eighteen men disappeared,” she said. “They weren’t animals who went out to fish; they were fathers, sons, husbands, uncles who went to earn bread for their children.” INREDH, a local human rights group, documented 14 sunk boats over the period, four damaged, and one missing.- Iron fist -A return of US forces at Manta could spell an even more aggressive interdiction strategy this time round. US President Donald Trump’s administraion is leading strikes on alleged cocaine-trafficking boats out of the waters of the Caribbean and the Pacific. Roberto Salazar, president of the International Port of Manta, is hopeful the United States can help.He believes US forces can help weed out drugs from the 1.2 million tons of cargo a year that passes through Manta every year, including a large chunk of Ecuador’s tuna exports. “The involvement or participation of international support, whether through technological or financial resources, will always be important,” he said. “Today we know the crisis our country is facing because of drug trafficking, and it will always be crucial to have that logistical support.” Some locals are not so convinced the base would make much difference. “The base didn’t help much” to secure the city, according to economist Frank Mestanza, who fled Manta in 2022 after threats. “The city was already safe. Things got worse for other reasons,” he said. Ecuador sits between the world’s two largest producers of cocaine — Colombia and Peru. Its deep-water ports are an excellent way of getting that cocaine to markets in the United States, Europe, and Asia.Neither of those things is likely to change with the arrival of US forces, nor will the fact that Ecuador now has Latin America’s highest homicide rate. “A military base won’t fix this,” says Carla Alvarez of the Institute of Advanced National Studies.
Asian markets up on hopes over shutdown deal, rate cut
Equities rose in Asia on Wednesday as the US shutdown nears an end and after fresh jobs data boosted the chances of a third successive Federal Reserve interest rate cut.However, a mixed day on Wall Street highlighted ongoing worries about elevated tech valuations following a breathtaking AI-fuelled rally this year.After passing the Senate, a spending bill to reopen the US government is due before the House of Representatives and then to Donald Trump, with hopes services can resume as soon as Friday.In a dig at Democrats who he blamed for the closure, the US president said in a Veterans Day speech at Arlington National Cemetery on Tuesday: “We’re opening up our country — it should have never been closed.”He added: “Only people that hate our country want to see it not open,” he told ESPN.Investors have welcomed the deal, which will end a shutdown that began on October 1 and saw a million federal workers unpaid, food benefits for low-income Americans threatened and thousands of flights cancelled.It has also meant a string of key data points have not been released, leaving traders and the Fed unable to make informed decisions on policy.However, analysts pointed out that while some reports could come out soon, it was unclear about others.”September payrolls should be relatively quick, it was set to be published the day after the start of the shutdown,” said Taylor Nugent at National Australia Bank. “Data where collection was disrupted could take longer and it is not clear yet what approach will be taken for missing data.”The unemployment rate for October, which relies on household surveys, and many October consumer prices which are actively surveyed, are key challenges.”Adding to the upbeat mood was expectations for a Fed rate cut in December after data from private payrolls firm ADP showed US companies shed 11,250 jobs per week on average in the four weeks ended October 25.The figure followed a number of reports pointing to a softening labour market, which is putting pressure on the Fed to cut, even as it looks to keep a lid on stubbornly high inflation.A report this month from outplacement firm Challenger, Gray & Christmas revealed US layoffs hit the highest level in 22 years in October.In early Asian trade, Hong Kong, Tokyo, Shanghai, Sydney, Seoul, Singapore, Taipei, Wellington and Manila were all in the green.Still, Wall Street was less euphoric, ending on a mixed note, with tech firms struggling to match the soaring performances that have characterised this year.The Nasdaq ended slightly down and the broader S&P 500 marginally higher, but the Dow closed more than one percent higher, with observers saying that suggested a shift into industrial sectors.Tech’s tepid run of late has come amid talk that a bubble has formed in the sector, with some warning it could burst.”Valuation concerns have intensified as the (S&P 500) index has climbed higher throughout the year,” said Fabien Yip, a market analyst at IG.”Investors are questioning whether current price levels can be sustained, particularly on stocks boosted by the AI boom if interest rates remain elevated for longer than expected.”Traders were also spooked by news that Japanese tech investment titan SoftBank had sold all its shares in US chip giant Nvidia for $5.8 billion, without giving a reason.Shares in Nvidia fell three percent, and SoftBank plunged as much as 10 percent in Tokyo on Wednesday.- Key figures at 0230 GMT -Tokyo – Nikkei 225: UP 0.2 percent at 50,927.29Hong Kong – Hang Seng Index: UP 1.1 percent at 26,983.76Shanghai – Composite: UP 0.3 percent at 4,015.03Euro/dollar: DOWN at $1.1579 from $1.1588 on TuesdayPound/dollar: DOWN at $1.3143 from $1.3168Dollar/yen: UP at 154.37 yen from 154.10 yenEuro/pound: UP at 88.09 pence from 87.99 penceWest Texas Intermediate: DOWN 0.2 percent at $60.94 per barrelBrent North Sea Crude: DOWN 0.1 percent at $65.07 per barrelNew York – Dow: UP 1.2 percent at 47,927.96 (close)London – FTSE 100: UP 1.2 percent at 9,899.60 (close)
Bangladesh’s liquor industry a surprising success
Syrupy aromas drift across the guarded compound of Bangladesh’s only licensed distillery, a state-owned producer posting record profits in the Muslim-majority nation, where Islamists are staging a political comeback.That’s a surprising success in a country where the vast majority of its 170 million people are barred from buying its products.Alcohol is tightly regulated in Bangladesh, the world’s fourth most populous Muslim nation.Carew and Co, established under British rule 87 years ago, produced $10 million in profit in 2024–25, and paid the same again in taxes, said managing director Rabbik Hasan.”This is the highest profit since the company’s establishment,” Hasan told AFP. “We expect further growth in the coming year.”Bangladesh has faced turbulent times.A mass uprising in August 2024 ousted the autocratic government of Sheikh Hasina, who had been criticised for extensive human rights abuses and had taken a hard line against Islamist movements during her 15-year rule.Since she fled to India — defying extradition orders to attend her crimes against humanity trial — Islamist groups have grown increasingly assertive.Alcohol, forbidden under Islam, has escaped their condemnation, but they have demanded restrictions on cultural activities they consider “anti-Islamic” — including music and theatre festivals, women’s football matches, and kite-flying celebrations.An interim government is leading the South Asian nation towards elections expected in February 2026.But at the sprawling Darsana facility near the Indian border, humming machines fill bottles.Carew’s popular brands range from the golden-hued “Imperial Whisky” to “Tsarina Vodka”, distilled from sugarcane with flavourings imported from the Netherlands.”We never encourage anyone to drink — we only sell to those who already do,” Hassan added.- ‘Zero doubt’ -Buying an alcoholic drink in Bangladesh requires a government permit, issued only to those aged over 21, and mainly granted to non-Muslims, who require a medical prescription.”Alcohol is forbidden,” said Hasan Maruf, director general of the Department of Narcotics Control, but added that “exemptions exist for certain communities”.That includes foreigners and workers on the country’s tea estates, where Carew’s low-cost liquor is popular among the 150,000 mainly Hindu workers.Around 10 percent of Bangladeshi are not Muslims, mainly Hindus.This year, only the company’s sugar division suffered losses — with its mills also producing fertiliser, vinegar, and industrial alcohol.Carew provides the only source of regulated liquor — alongside a separate brewery producing Hunter, Bangladesh’s only beer, owned by the Jamuna Group conglomerate.Those are reliable products in a country where illegal moonshine stills — or the dangerous adulteration of imported liquor — has been a persistent problem.Fish trader Prince Mamun, 42, said he has been drinking Carew for two decades. “It’s cheaper and safer than imported brands,” he said, adding that he holds a permit and drinks about 20 days a month.”I drink Carew products with zero doubt.”Shah Alam, a devout Muslim and 38-year employee in the bottling unit, has never tasted the products.Yet he praises the distillery for its contributions to the local community, from education to employment.”I don’t drink anything from here, nor am I involved with the selling,” Alam, 59, said. “All I am doing here is my job.”
Bangladesh’s liquor industry a surprising success
Syrupy aromas drift across the guarded compound of Bangladesh’s only licensed distillery, a state-owned producer posting record profits in the Muslim-majority nation, where Islamists are staging a political comeback.That’s a surprising success in a country where the vast majority of its 170 million people are barred from buying its products.Alcohol is tightly regulated in Bangladesh, the world’s fourth most populous Muslim nation.Carew and Co, established under British rule 87 years ago, produced $10 million in profit in 2024–25, and paid the same again in taxes, said managing director Rabbik Hasan.”This is the highest profit since the company’s establishment,” Hasan told AFP. “We expect further growth in the coming year.”Bangladesh has faced turbulent times.A mass uprising in August 2024 ousted the autocratic government of Sheikh Hasina, who had been criticised for extensive human rights abuses and had taken a hard line against Islamist movements during her 15-year rule.Since she fled to India — defying extradition orders to attend her crimes against humanity trial — Islamist groups have grown increasingly assertive.Alcohol, forbidden under Islam, has escaped their condemnation, but they have demanded restrictions on cultural activities they consider “anti-Islamic” — including music and theatre festivals, women’s football matches, and kite-flying celebrations.An interim government is leading the South Asian nation towards elections expected in February 2026.But at the sprawling Darsana facility near the Indian border, humming machines fill bottles.Carew’s popular brands range from the golden-hued “Imperial Whisky” to “Tsarina Vodka”, distilled from sugarcane with flavourings imported from the Netherlands.”We never encourage anyone to drink — we only sell to those who already do,” Hassan added.- ‘Zero doubt’ -Buying an alcoholic drink in Bangladesh requires a government permit, issued only to those aged over 21, and mainly granted to non-Muslims, who require a medical prescription.”Alcohol is forbidden,” said Hasan Maruf, director general of the Department of Narcotics Control, but added that “exemptions exist for certain communities”.That includes foreigners and workers on the country’s tea estates, where Carew’s low-cost liquor is popular among the 150,000 mainly Hindu workers.Around 10 percent of Bangladeshi are not Muslims, mainly Hindus.This year, only the company’s sugar division suffered losses — with its mills also producing fertiliser, vinegar, and industrial alcohol.Carew provides the only source of regulated liquor — alongside a separate brewery producing Hunter, Bangladesh’s only beer, owned by the Jamuna Group conglomerate.Those are reliable products in a country where illegal moonshine stills — or the dangerous adulteration of imported liquor — has been a persistent problem.Fish trader Prince Mamun, 42, said he has been drinking Carew for two decades. “It’s cheaper and safer than imported brands,” he said, adding that he holds a permit and drinks about 20 days a month.”I drink Carew products with zero doubt.”Shah Alam, a devout Muslim and 38-year employee in the bottling unit, has never tasted the products.Yet he praises the distillery for its contributions to the local community, from education to employment.”I don’t drink anything from here, nor am I involved with the selling,” Alam, 59, said. “All I am doing here is my job.”