Singaporean father-son duo step down as Khoon Group directors following US sanctions over alleged cybercrime links
The group names a new executive director to replace Ang Kok Kwang and his father Ang Jui Khoon
[SINGAPORE] A Singaporean father-and-son duo have resigned from their board and management roles at Khoon Group, which has been sanctioned by the US Treasury for links to a major cybercrime organisation in South-east Asia.
Singapore-headquartered Khoon Group said in a statement on Tuesday (Nov 4) that Ang Kok Kwang has resigned as executive director and chief executive officer, while his father, Ang Jui Khoon, quit his executive director and chairman positions.
The elder Ang also resigned as chairman of the group’s nomination committee, while his son resigned as a member of its remuneration committee and from his post as an authorised representative.
Khoon Group said both men had resigned to “devote more time to (their) personal and other business commitments”.
In their place, the Hong Kong-listed and Cayman Islands-incorporated company named two new board members: Queenie Tseung Choi Wing as executive director and authorised representative, and Ruby Fang Lihua as independent non-executive director as well as member of the audit, remuneration and nomination committees.
The group also announced changes to its board committees. So Chi Kai, previously a member of the audit committee, has been redesignated as its chairman, and has also been appointed to the remuneration committee. Meanwhile, nomination committee member Fok Wai Hung has been redesignated as its chairman.
According to Khoon Group’s statement, Tseung is a 53-year-old practising lawyer in China, who has worked for “several well-known law firms in Hong Kong” and engaged in cross-border legal affairs related to Chinese law, “focusing on corporate IPO (initial public offering) financing for over 10 years”.
The group also said Tseung is chairman of the PRC Law Association of Hong Kong.
According to China Oral Industry Group Holding’s interim 2025 report, Tseung is listed 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.
On 41-year-old Fang, Khoon Group said she is a Guangdong-based lawyer with 13 years’ experience in corporate finance and capital markets. She holds master’s degrees in law from the Chinese University of Hong Kong and Georgetown University, and is pursuing a doctorate at City University of Hong Kong.
No information was provided on So or Fok.
In a statement to The Business Times on Wednesday, Khoon Engineering clarified that it is an operating company “started in Singapore in 1988”, while Khoon Group was started in Hong Kong in 2018. *(see clarification note)
Khoon Engineering added that the Ang family, which started the electrical engineering business in 1988, sold its entire 55 per cent stake in Khoon Group to Chen “almost three years ago”.
The Ang family now runs the Khoon Engineering operations in Singapore as “salaried staff, independently of the Hong Kong company”. Khoon Engineering said that Chen is a “passive shareholder who is not involved in the business”.
Khoon Engineering has not paid dividends to Khoon Group since the investment holding company was listed in 2019, it added.
Khoon Engineering said it is currently handling 41 Housing & Development Board (HDB) projects, but “as a subcontractor under the main contractor”, providing electrical solutions. **(see clarification note)
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 BT 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 Holding Group, a self-described multinational business conglomerate with projects in Cambodia that include resorts and hotels.
He was 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 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.
*Clarification note: A previous version of this story incorrectly stated that Khoon Group started as Khoon Engineering.
**Clarification note: A previous version of this story cited a statement from HDB which said that it does not have any direct contractual dealings with Khoon Group Limited or its subsidiaries. The story has been amended to reflect that Khoon Engineering is a subcontractor for HDB projects.
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