SINGAPORE: The United States Treasury Department’s Office of Foreign Assets Control (Ofac) has sanctioned Khoon Group, a Singapore-based engineering firm listed on the Hong Kong Stock Exchange, for its alleged links to Cambodian businessman Chen Zhi.
According to the Treasury’s statement on 14 October 2025, Khoon Group was among 146 individuals and entities targeted for their alleged roles in one of South-east Asia’s largest cybercrime and money-laundering networks.
Company records identify Chief Executive Officer Jansen Ang Kok Kwang and Chairman Ang Jui Khoon as its senior leadership.
Both men are long-time grassroots leaders affiliated with the People’s Action Party (PAP).
Government listings confirm that Jansen Ang chairs the Fernvale Citizens’ Consultative Committee and received The Public Service Medal in 2022, while his father serves as Patron of the Jalan Kayu CCC and was awarded The Public Service Star in 2025.
Following the 2025 General Election, Jansen Ang appeared in group photographs with elected PAP Member of Parliament Ng Chee Meng and other party members, according to posts on his Facebook page dated 4 May 2025.
Company background
Khoon Group traces its roots to Khoon Engineering, founded in 1988 by Ang Jui Khoon and his brother.
The firm initially specialised in electrical engineering works for Housing and Development Board (HDB) estates and was later incorporated under a Cayman Islands holding structure in 2018.
It has cited past involvement in public housing projects in Bukit Batok, Sengkang, Tampines, and other estates, claiming to have powered one in five HDB flats at its peak.
HDB and ministry responses
Following the sanctions, HDB told The Straits Times that it has no current dealings with Khoon Group or its subsidiaries.
“Our last contractual engagement with Khoon Engineering was more than two decades ago,” an HDB spokesperson said.
The Ministry of National Development confirmed that none of its statutory boards, including the Building and Construction Authority and Urban Redevelopment Authority, have active contracts with the firm.
Chen Zhi’s control and US probe
Ofac documents indicate that Khoon Group is controlled by Chen Zhi through Southern Heritage Limited, a British Virgin Islands–registered firm also sanctioned in the same operation.
A share purchase agreement dated 27 January 2023 shows Chen acquired a 55% stake for HK$152.5 million (S$26.8 million).
Chen, a Fujian-born Cambodian resident, leads the Prince Group conglomerate, which operates across real estate, resorts, and finance in Cambodia.
US and UK authorities have accused his network of large-scale online scams and cryptocurrency laundering.
The US Department of Justice described the case as its largest-ever cryptocurrency seizure, recovering about US$15 billion (S$19.5 billion) in bitcoin.
British authorities have seized UK£112 million (S$193.6 million) in assets linked to the probe.
Company response and fallout
In a 15 October statement, Khoon Group denied involvement in any of Chen’s alleged criminal activities, stating that its operations are primarily based in Singapore and that it holds no assets in the United States or United Kingdom.
It added that the sanctions are not expected to have any material impact on its business.
However, Chen remains the company’s controlling shareholder. Since the sanctions announcement, Khoon Group has reported several resignations, including its registrar, audit chair, and external auditor RSM Hong Kong, which cited ethical conflicts in its departure notice.
Read more at: https://heidoh.com/singapore/khoon-group-sanctioned-by-us-over-chen-zhi-ties-led-by-pap-grassroots-leaders
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