<div id="readability-page-1"><div>[SINGAPORE] A father-and-son duo at Singapore headquartered firm Khoon Group, which has been sanctioned by the US Treasury for links to a major cybercrime organisation in South-east Asia, have stepped down from their board and management roles.Reuters reported on Tuesday (Nov 4) that Ang Kok Kwang resigned as Khoon Group’s executive director and chief executive officer, and that his father, Ang Jui Khoon, did so from his positions as executive director and chairman.In their place, the Hong Kong-listed and Cayman Island-incorporated company has appointed Queenie Tseung Choi Wing as executive director.No further information on the Angs or Tseung was provided by Reuters. However, Tseung is listed in China Oral Industry Group Holding’s interim 2025 report as an independent non-executive director, and a member of its audit, remuneration and nomination committees.China Oral Industry is principally engaged in the manufacture and sale of inflatable products and related accessories.Khoon Group started as Khoon Engineering when it was founded by the elder Ang and his brother Jui Heok in 1998.The Straits Times reported that the company had previously claimed to have handled several projects awarded by the Housing and Development Board (HDB). However, HDB told ST that it “does not have any direct contractual dealings with Khoon Group Limited or its subsidiaries at present”.It added that it “last (had) direct contractual dealing with Khoon Engineering Contractor Pte Ltd … more than two decades ago … for electrical works undertaken at a housing development”.Khoon Group is one of 146 people or entities that were sanctioned by the US Treasury’s Office of Foreign Assets Control (Ofac) on Oct 14 for their alleged links to Cambodian national Chen Zhi.Bloomberg reported that Chen is allegedly a controlling shareholder of Khoon Group, though the firm issued a statement on Oct 15 denying any involvement with him.In its statement, Khoon Group said “none of the company or its subsidiaries, or their respective directors and members of the senior management are involved in the alleged activities which led to the sanctions”.When approached by The Business Times on Tuesday, the Singapore Police Force (SPF) declined to comment on the Angs, citing ongoing investigations into Chen’s case.Chen, a China-born tycoon, is at the centre of a major cybercrime and anti-scam probe being undertaken by investigators in the US and Britain.Hailing from Fujian, Chen heads Prince Group, a self-described multinational business conglomerate with projects in Cambodia that include resorts and hotels.He was recently charged in absentia in the US on Oct 14 for allegedly masterminding a massive cryptocurrency scam that involved forced labour camps in Cambodia. Court documents allege that Prince Holding Group built at least 10 compounds in Cambodia where workers – often migrants held against their will – were forced to contact thousands of victims through social media or online messaging platforms, build rapport and then entice them to transfer cryptocurrency with hopes of big investment returns.On Oct 30, Singapore police seized more than S$150 million in assets – including six properties and cash – that were linked to Prince Group.The US authorities have seized at least US$15 billion (S$19.5 billion) in Bitcoin, and the British government similarly seized properties worth £112 million (S$193.6 million) in London.Aside from Khoon Group, Ofac has sanctioned 17 other Singapore-registered firms. The Straits Times reported that Chen is allegedly linked to eight of the firms.They are AlphaConnect Investments, AlphaConnect Investments II, Binary Properties, Drew Properties, Drew Properties II, Greenbay Properties, Huntsman Investments and Majesty Properties.Shares of Khoon Group have plunged 69.9 per cent since the US Treasury’s Oct 14 announcement, falling from HK$0.305 to close at HK$0.092 on Tuesday.</div></div>

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A father-son duo at Singapore's Khoon Group has resigned from their board roles following US sanctions for alleged ties to cybercrime. Ang Kok Kwang and Ang Jui Khoon stepped down after the US Treasury sanctioned 146 entities linked to Cambodian national Chen Zhi, who is accused of masterminding a cryptocurrency scam. Khoon Group appointed Queenie Tseung Choi Wing as the new executive director. The company's shares have dropped nearly 70% since the sanctions were announced.

Singaporean father-son duo step down as Khoon Group directors following US sanctions over alleged cybercrime links