Bank Negara Malaysia’s former governor, Muhammad Ibrahim, has addressed his position at Cambodia’s Prince Bank following the sanctions placed on the bank’s parent company, Prince Group, by US and UK authorities, according to Free Malaysia Today.
He explained that his role is independent and non-executive, centred on governance, risk oversight and regulatory compliance under Cambodian banking regulations.
Ibrahim emphasised that the bank functions separately from its shareholders and said he remains focused on upholding transparency and strong governance as the situation unfolds.
Prince Bank’s public filings name him as an independent director and show several Malaysians in senior roles overseeing technology, risk, distribution and communications.
The Cambodian lender has reportedly seen heavy withdrawals after its parent company and chairman, Chen Zhi, were sanctioned on 14 October.
According to the U.S. Department of Justice, Chen Zhi has been indicted on fraud and money-laundering charges, and authorities have confiscated 127,271 bitcoins worth about RM74 billion, the DOJ’s largest cryptocurrency seizure to date. If convicted, Chen faces up to 40 years in prison.
Singapore and Thailand are also reportedly investigating Chen and Prince Holding Group over alleged cross-border fraud and money-laundering activities amounting to about US$15 billion.
Prince Bank’s board later issued a statement asserting that the institution remains financially sound and fully compliant with regulations.
It added that operations continue as usual and that international legal counsel will be appointed to seek delisting from the US sanctions register.
Ibrahim’s clarification seeks to distance his governance-focused role from the operational matters tied to the bank’s shareholder group.
Featured image: Edited by Fintech News Malaysia, based on image by digitizesc via Freepik
