FINANCE

U.K. Freezes $26 Million in Assets Linked to Prince Group Figure

Published: Oct. 14, 2026 5:09 p.m. GMT+8

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The penthouse was purchased by Thet Li for £8.9 million in 2022. Photo: Property brochure

(London) — U.K. authorities have frozen about £19.6 million ($26 million) in assets linked to Thet Li, an alleged key figure in Cambodia’s Prince Group, as part of an expanding international crackdown on the conglomerate.

The assets include a London apartment bought for £8.9 million in 2022, according to a report by The Times. Authorities were seeking to extend the freeze on Li’s £10.6 million watch and jewelry collection and nearly £93,000 in cash.

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UK froze ~£19.6M ($26M) in assets tied to Thet Li, alleged illicit finance chief for Prince Group founder Chen Zhi.
Assets include a London apartment (£8.9M), a watch/jewelry collection (£10.6M), and ~£93,000 cash; Li resigned from FSM Holdings post-US sanctions.
This follows UK freezes on Chen and Hu Xiaowei; a freeze blocks transfers but is not confiscation.

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Who’s Who

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What Happened When

October 2025：: Thet Li was identified by the U.S. Treasury Department as a close associate of Prince Group founder Chen Zhi and the group's de facto 'illicit finance' chief. He also resigned from the board of FSM Holdings Ltd. after U.S. sanctions.

March 2026：: The U.K. added Thet Li to its sanctions list, imposing an asset freeze, travel ban, and director disqualification sanction.

As of the article's publication (date not specified)：: U.K. authorities have frozen about £19.6 million in assets linked to Thet Li, including the London apartment, a watch and jewelry collection (valued at £10.6 million), and nearly £93,000 in cash.

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