Shortly after Radio Free Asia’s earlier article, which we have responded to on https://www.princeholdinggroup.com/2024/02/06/joint-statement-by-prince-holding-group-and-duane-morris-selvam-llp-2/, Radio Free Asia has released a second article, titled “Red Flags Abound In Prince Group’s Offshore Dealing” on the eve of the Lunar New Year.
Prince Holding Group wishes to make the following response to the article:
1. The timing of this article is clearly mischievous and is intended to inflict maximum damage on Prince Holding Group. Such a timing appears to be a calculated move by the author, presuming that Prince Holding Group's communications and legal teams would be unavailable, thereby amplifying the harm to its reputation during this typically quiet period.
2. This key allegation in this article is that Prince Holding Group has engaged in money laundering through an alleged subsidiary named Amiga Entertainment. Unsurprisingly, however, the article has not cited any instance of Prince Holding Group transferring or receiving money either to, from or through Amiga Entertainment.
3. Amiga Entertainment is not a subsidiary or affiliate of Prince Holding Group. Contrary to the allegations in the article, Prince Holding Group has no direct or indirect beneficial ownership in Amiga Entertainment.
4. Prince Holding Group has no business relationship, and has never entered into any transactions, with Amiga Entertainment.
5. Prince Holding Group’s business consists of investments and developments within Cambodia. It has no business activities or subsidiaries in Cuba, or the Isle of Man. It adheres strictly to all laws and regulatory standards in countries it operates in.
6. Prince Holding Group does not engage in money laundering or illegal activities, and has not transferred or received funds in the manner alleged, or through the entities named in the article.
7. The author of the article, Jack Adamović Davies, a resident of Serbia, has a history of a vendetta against Prince Holding Group. In a previous article released in 2020, Mr. Davies alleged that Prince Holding Group’s wealth was a result of its political connections in China. In a strange about-turn, Mr. Davies has now alleged that Prince Holding Group is the subject of a clampdown campaign by Chinese authorities. These contradictory narratives suggest that Mr. Davies is more interested in writing sensational stories than the truth.
8. Prince Holding Group is one of the most successful companies in Cambodia and it has also contributed significantly through its philanthropic arm towards Cambodia. It is tempting for irresponsible authors like Mr. Davies to attribute its success to illegal or improper sources. Allegations like these drive viewership. However, journalists have an obligation to act responsibly. Mr. Davies’s allegations about Prince Holding Group are based entirely on “anonymous sources” and speculation. This speaks volumes about their credibility.
9. Prince Holding Group reserves its right to legal action to protect its reputation and further respond to the article at the appropriate juncture and is consulting its legal advisors Duane Morris & Selvam LLP.
Prince Holding Group
Duane Morris & Selvam LLP