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For decades, the global market for Cuban cigars remained a closed, archaic yet extraordinarily profitable ecosystem. In recent years, however, the fate of one of Cuba’s most iconic national treasures became closely intertwined with the name of a mysterious Cambodian tycoon of Chinese descent, Chen Zhi, according to the Financial Times.

His ambitious investment push, soaring prices, global scandals and spectacular downfall have transformed the industry forever.

Cuba’s Monopoly and the Age of “Ultra-Luxury”

For communist Cuba, which has spent decades struggling under the US embargo and chronic shortages of hard currency, tobacco has always been a strategic source of revenue. The government controls the market through a state monopoly, while marketing and distribution are handled by the joint venture Habanos.

For years, Habanos generated roughly $500 million a year in relatively stable revenue. But everything changed in April 2022, when the company’s management decided to dramatically increase prices for its most prestigious brands, including Cohiba and Trinidad, linking them to pricing on the Hong Kong market.

It was a classic Veblen effect: rather than driving buyers away, the astronomical price increases turned Cuban cigars into a powerful status symbol for China’s emerging elite.

By 2024, Habanos’ annual revenue had reached $827 million.

Exclusive collectible boxes offered at Havana’s annual charity galas began selling for millions of dollars. In one extraordinary case, an anonymous buyer paid a record $2.6 million for a box of Cohibas.

The Billionaire’s Shadow: Who Is Chen Zhi?

Behind the financial success of the rebranding strategy was a change in ownership.

In April 2020, British tobacco giant Imperial Tobacco sold its stake in Habanos to a consortium of Hong Kong investors reportedly backed by Chen Zhi, founder of Cambodian megaconglomerate Prince Group.

A “Mini-Mafia” in London and on Luxury Yachts

The young billionaire, who was known for his connections to Cambodia’s political establishment, accumulated luxury real estate in London, including mansions and office complexes worth tens of millions of pounds.

He also planned to launch an exclusive private cigar club with membership reportedly costing £100,000.

Building Infrastructure for the Elite

Companies linked to Chen developed specialized storage facilities for premium alcohol and cigars aimed at ultra-wealthy investors, while his airline was working on logistics designed to facilitate uninterrupted deliveries of Cuban cigars to Asian markets.

But behind the polished business façade lay a far darker story.

In October 2025, US and UK authorities imposed sweeping sanctions on Chen Zhi and Prince Group. US prosecutors accused him of building “one of the largest transnational criminal organizations in Asia,” allegedly generating billions of dollars through large-scale online fraud and underground criminal networks.

The Empire Collapses — and the Cuban Legend Begins to Fade

The tycoon’s downfall was swift.

In January 2026, Chen Zhi was extradited from Cambodia to China. British courts subsequently began liquidation proceedings against dozens of companies linked to him, including a corporate vehicle used to hold the stake in Habanos.

Meanwhile, the aggressive pricing strategy of recent years had begun alienating loyal traditional cigar aficionados.

When the price of a favorite cigar tripled or quadrupled, many smokers switched permanently to competitors in the rapidly expanding New World cigar market — particularly in Nicaragua, Honduras and the Dominican Republic, where production is more automated and quality is more consistent.

The situation was further aggravated by the geopolitical upheaval of early 2026. The disruption of oil supplies from Venezuela and the US blockade of Cuba forced Habanos to cancel its flagship annual festival and auction.

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