Cambodia Investment Review
The National Bank of Cambodia (NBC) has appointed Morisonkak MKA Co., Ltd to oversee the liquidation of Prince Bank, following the suspension of the bank’s operations. The central bank has urged depositors to prepare the necessary documentation to withdraw their funds and instructed borrowers to continue fulfilling their repayment obligations as the liquidation process begins.
In a notice issued on January 8, the National Bank of Cambodia confirmed that Morisonkak MKA will manage the bank’s assets and accounting during the liquidation, in accordance with Cambodian law.
Appointment of Morisonkak MKA as Official Liquidator
The NBC said Morisonkak MKA has been mandated to administer all aspects of Prince Bank’s liquidation, including the management of assets, accounting processes, and the handling of outstanding financial matters. All banking and financing activities previously conducted by Prince Bank will now be addressed through the liquidation framework led by the appointed firm.
Morisonkak MKA was established in 1996 by Key Kak, the first member of the Kampuchea Institute of Certified Public Accountants and Auditors, according to its official website. The firm provides audit, tax, and consulting services, with a focus on cross-border accounting, and is a member of Morison Global, an international association of professional service firms.
Suspension of Prince Bank’s Operations
The central bank confirmed that Prince Bank’s business involving banking and financing in Cambodia has ceased with immediate effect. The institution has been suspended from offering any new banking services, including accepting deposits and granting loans.
According to the NBC, all existing financing arrangements, loan agreements, and related transactions will be addressed under the liquidation process. No new financial activities are permitted while the liquidation is underway.
Instructions for Depositors and Borrowers
The NBC urged Prince Bank customers to prepare the required documentation in order to withdraw their deposits through the liquidation process. At the same time, borrowers were reminded that they remain obligated to meet their repayment responsibilities, despite the bank’s suspension.
The central bank emphasized that outstanding loans remain legally binding and will continue to be administered under the supervision of the appointed liquidator.
Arrest and Deportation of Prince Bank Owner
The liquidation follows the arrest of Chen Zhi, founder of Prince Holding Group, who was detained on January 6 in a joint Chinese and Cambodian operation.
Authorities later stripped Chen Zhi of his Cambodian nationality before deporting him to China, where he is expected to be investigated for alleged involvement in forced-labour compounds and large-scale financial crimes.
Oversight and Protection of Depositor Interests
The NBC said it will work closely with relevant ministries and institutions to monitor the interim administration and liquidation process. The central bank reiterated its commitment to carefully protecting the interests of depositors and customers during the implementation of the liquidation.
According to the NBC, regulatory oversight will remain in place throughout the process to help ensure transparency, legal compliance, and financial stability within Cambodia’s banking sector.
