Temasek issued a statement on October 17, 2025, clarifying that it has no affiliation with Prince Holding Group and its subsidiaries.
Previously, Bloomberg reported on "Singapore's ties to an alleged Cambodian scam group under scrutiny", suggesting that Temasek and its portfolio companies were related to the individuals or entities involved. Temasek believes the report was misleading in its portrayal of its role.
Bloomberg's original report: Singapore Ties to Multibillion Dollar Scam Case in Spotlight
Temasek emphasized that the company has no relationship with Prince Holding Group or any of its subsidiaries, nor has it participated in appointing directors for the Singapore Exchange-listed company 17Live, including Xiu Ling Chen.
Xiu Ling Chen, one of the three Singaporeans sanctioned by the US due to her ties with Prince Holding Group, served as an independent director of 17Live from December 2023 and resigned on October 15, 2025.
17Live is a company involved in the Asian live streaming platform business, held by Vertex Ventures, a venture capital firm under Temasek. Temasek's statement indicated that its presumed interest in 17Live is 26%, most of which is held by Vertex Ventures. Temasek directly owns 3.6% of 17Live, acquired during its SPAC listing.
Furthermore, Temasek clarified that its subsidiaries, Surbana Jurong and Ascott, only have professional service contracts with Canopy Sands Development Co (Canopy), a subsidiary of Prince Holding Group, and hold no equity.
Surbana Jurong noted that it only undertook a master planning project for Canopy, which ended in 2022, and has no equity or operational role, and is currently not involved in any projects with Prince Holding Group or other entities. Ascott mentioned that it is only contracted to manage two hotels and does not own any equity in these properties.
Temasek's statement emphasized that the release was to inform the public of the facts and ensure the external world accurately understands Temasek and its portfolio companies' completely uninvolved stance in this case.
This article cites Telegram: PASA Gambling Insights