Private jets, deserted shores and an unbuilt resort: alleged links to sanctioned ‘scam’ empire revealed in Timor-Leste | Asia Pacific

Timor-Leste’s Crypto Resort Mystery: A Web of Blockchain, Billionaires, and Allegations

In the heart of one of the world’s poorest nations, a glittering promise of luxury and innovation has turned into a labyrinth of suspicion and unanswered questions. The AB Digital Technology Resort, a proposed $300 million crypto resort in Timor-Leste, was pitched as a futuristic paradise overlooking turquoise waters, where the tech elite could gather to explore the cutting edge of blockchain technology. But beneath the glossy promotional material lies a tangled web of connections to a sanctioned Cambodian conglomerate accused of running massive online scams, human trafficking, and modern-day slavery.

The Promise and the Empty Plot

Last June, investors were lured with visions of sprawling villas, state-of-the-art facilities, and a commitment to philanthropy. The resort was to be a beacon of progress for Timor-Leste, a nation still recovering from decades of conflict. But when journalists from the Guardian and the Organized Crime and Corruption Reporting Project (OCCRP) visited the proposed site in February, they found nothing but an empty plot dotted with shrubs, separated from Dili airport by a barbed-wire fence.

The Prince Group Connection

The investigation revealed a startling connection: three individuals involved in the resort project—Yang Jian, Yang Yanming, and Shih Ting-yu—were sanctioned by the U.S. Treasury in October for their roles in a luxury resort in Palau linked to the Cambodia-based Prince Holding Group. The conglomerate, founded by Chen Zhi, was accused of operating forced-labor scam compounds across Southeast Asia, targeting victims worldwide through so-called “pig-butchering” scams.

Chen Zhi, dubbed the “alleged scam kingpin,” was extradited to China in January after his arrest in Cambodia. The U.S. seized $15 billion in Bitcoin and froze billions in assets linked to Prince Group, which has denied the allegations, calling them “baseless” and aimed at unlawfully seizing its wealth.

The Timor-Leste Dilemma

Timor-Leste, a nation of just 1.3 million people, is at a perilous crossroads. In September, the UN issued a warning about the infiltration of transnational organized crime groups through investment in Timorese companies. Ágio Pereira, a senior minister, warned that the country risked becoming “an amusement park for transnational crime syndicates.”

The government’s decision to legalize offshore online gambling in April 2024 has only heightened concerns. While the Grand Dragon lottery has been shuttered, street gambling and small casinos remain popular, raising fears that the nation could become a haven for illicit activities.

The Enigmatic Frank Lin

At the center of the mystery is Frank Lin, a Chinese businessman who presented himself as the face of the AB resort. Known in Dili as a well-connected entrepreneur, Lin claimed to represent the AB Charity Foundation, which he said explored innovative blockchain and philanthropy models. He was granted a diplomatic passport by President José Ramos-Horta, who saw him as a potential catalyst for investment in the developing nation.

But Lin’s role in the project remains murky. He described himself as an “initiator” of the Irish AB Foundation, holding no formal position, and said his shares in the resort company were held by a close friend. He denied any involvement with organized crime or Prince Group, insisting that all his activities in Timor-Leste were conducted within a legal framework.

The AB Ecosystem Unraveled

The AB network is a complex web of entities, including AB DAO (a decentralized autonomous organization), AB Chain (a blockchain network), and two separate AB Foundations—one registered in Ireland and the other in the Cayman Islands. The Irish entity was initially referred to as the AB Charity Foundation in publicity for the resort, but its role has since been clarified.

Bertie Ahern, the former Taoiseach of Ireland and co-director of the Irish AB Foundation, denied any knowledge of the resort project or donations made in the foundation’s name. Wen Danjing, the other director, also distanced the foundation from Prince Group, stating that its relationship with AB DAO was limited to charitable activities.

Ramos-Horta’s Doubts

President Ramos-Horta, a Nobel Peace Prize laureate, has expressed skepticism about the resort from the start. He acknowledged moments of doubt about Lin, including when the businessman offered him night-vision surveillance equipment and after learning of the resort’s alleged links to Prince Group associates. However, he said he did not like to “judge people based on allegations” and wanted to give Lin the “benefit of the doubt.”

Ramos-Horta warned Lin not to “play games” with him, questioning whether the resort was a legitimate project or a front for money laundering. Lin denied any connection to Prince Group, calling the resort a “normal commercial activity” carried out in accordance with laws.

The Empty Promise

The beachfront land remains mostly untouched, save for children playing soccer on a dirt field. Promotional material suggested phase one of the development would be completed by the end of 2026, but no concrete plans have materialized. Ramos-Horta said he was approached by international police investigators after becoming aware of the allegations, vowing to be “unforgiving and ruthless against organized crime.”

The Stakes for Timor-Leste

For Timor-Leste, the stakes are high. The nation, still emerging from a difficult history, risks becoming a haven for transnational crime if it fails to address the growing concerns. For Australia, too, there are risks if scam operations are able to grow unchecked in its backyard.

As the investigation continues, one question looms large: Is the AB Digital Technology Resort a genuine attempt to bring innovation and investment to Timor-Leste, or is it just talk—a mirage masking darker intentions?

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Viral Sentences:

• “Is it really a resort, or just talk?”
• “We must be unforgiving and ruthless against organised crime.”
• “I don’t want this country to be overrun by criminals.”
• “So many Timorese died for this country to be free.”
• “Everybody I talk to, including Singaporean business, they say, yes, he has lots of money.”
• “They say, yes, he’s genuine. He’s not bullshit.”
• “I want [him to have the] benefit of the doubt.”
• “In the sense of, you know, lying about this resort. Because is [it] really a resort with clean money, or [for Prince Group] to wash money?”
• “Timor-Leste possesses abundant natural resources and strong potential for tourism development.”
• “Our core work is focused on blockchain infrastructure. We are not involved in resort development or real estate projects.”

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