Khoon Group directors resign amid US sanctions over alleged cybercrime links
Khoon Group has confirmed the resignations of its executive chairman and CEO in a stock exchange filing, following US sanctions over alleged links to cybercrime figure Chen Zhi. The firm denies any wrongdoing and says it is restoring board compliance.
- Khoon Group’s executive chairman and CEO have resigned following US sanctions over alleged cybercrime links.
- The company has denied any involvement with Cambodian tycoon Chen Zhi, who is at the centre of an international cybercrime investigation.
- Singapore Police are investigating, while Khoon Engineering, a separate local entity, has clarified it is not linked to the accused activities.
Two top executives of Khoon Group have stepped down from the company’s board, days after the United States sanctioned the firm over alleged links to a vast cybercrime network led by Cambodia-based businessman Chen Zhi.
In a 4 November 2025 filing to the Hong Kong Stock Exchange, the company confirmed the resignations of Ang Jui Khoon as executive director and chairman, and Ang Kok Kwang (also known as Hong Guoguang) as executive director and chief executive officer.
The filing cited both individuals’ desire to “devote more time to personal and other business commitments”. It added that they had no disagreements with the board and no issues requiring attention from shareholders or regulators.
The announcement came less than three weeks after the US Treasury’s Office of Foreign Assets Control (Ofac) sanctioned Khoon Group and 145 other entities and individuals, alleging ties to Chen, who is accused of orchestrating a major online scam operation that involved forced labour camps and fraudulent cryptocurrency schemes.
US alleges links to international cybercrime network
Chen Zhi, a China-born tycoon who heads Prince Group in Cambodia, is accused by US authorities of overseeing scam compounds that used trafficked or coerced workers to conduct online fraud. Victims were typically lured via messaging platforms with false investment promises.
The US Treasury said that Chen’s network generated billions in cryptocurrency fraud, with law enforcement agencies in the US, UK, and Singapore conducting related investigations.
On 30 October, Singapore police announced the seizure of more than S$150 million in assets tied to Prince Group. British authorities also seized properties worth over £112 million in London, while the US government froze approximately US$15 billion in cryptocurrency.
Company maintains no wrongdoing and clarifies local operations
Although Bloomberg reported that Chen is a controlling shareholder of Khoon Group, the company issued a statement on 15 October denying his involvement in its operations.
“To the best knowledge and information of the directors of the Company having made all reasonable enquiries, the Group principally operates in Singapore, and does not have any business operations or own any assets or property in the U.S. or U.K.”
“None of the company or its subsidiaries, or their respective directors and members of senior management, are involved in the alleged activities which led to the sanctions,” it said.
The firm added that it “preliminarily expects that the sanctions do not have any material adverse impact on the business operations of the Group.”
In a separate statement on 31 October, Khoon Engineering — a Singapore-based firm that originally formed the foundation of Khoon Group — further distanced itself from the controversy.
Khoon Engineering said that the Ang family sold its entire 55% stake in the listed Khoon Group nearly three years ago and now operates locally as salaried staff under a separate company structure.
The company stressed that it has no overseas transactions, no dividend transfers to the listed entity since its 2019 listing, and no business dealings with Chen or his affiliates.
“All our projects, teams and revenues are fully local,” said Jansen Ang (Kok Kwang), who remains active in the Singapore entity. He added that the firm continues to work as a subcontractor for Housing Development Board (HDB) and town council projects.
HDB clarified to The Straits Times that it has had no direct contractual relationship with Khoon Group or its subsidiaries in recent years and last engaged Khoon Engineering over two decades ago.
Political affiliations raise public interest
Both Ang Jui Khoon and Ang Kok Kwang are long-time grassroots leaders affiliated with Singapore’s ruling People’s Action Party (PAP).
According to the Prime Minister’s Office, Kok Kwang — also known as Jansen Ang — currently serves as Chairman of the Fernvale Citizens’ Consultative Committee and was awarded The Public Service Medal in 2022.
His father, Ang Jui Khoon, is listed as Patron of the Jalan Kayu Citizens’ Consultative Committee and received The Public Service Star in 2025.
While no wrongdoing has been alleged in relation to their public service roles, the family’s political visibility has attracted attention amid the company’s entanglement in global investigations.
Singapore police have declined to comment on the Angs, citing ongoing investigations into Chen Zhi’s alleged network.
Board restructured to restore compliance
Khoon Group has since appointed Tseung Choi Wing Queenie as executive director and authorised representative. According to the company, Tseung is a practising lawyer in China with extensive experience in cross-border legal work and corporate finance.
In addition, Fang Lihua Ruby has been appointed as an independent non-executive director and member of all three board committees. These changes were necessary to restore compliance with the Hong Kong listing rules, which require independent oversight across board functions.
The board also redesignated committee roles for existing directors to meet governance requirements, noting in its filing that it now complies fully with relevant rules.
Since the sanctions announcement on 14 October, Khoon Group’s shares have plunged 69.9%, closing at HK$0.092 on 4 November, down from HK$0.305.
