SINGAPORE: Singapore-based FSM Holdings’ executive director, Li Thet, has resigned after the United States accused him of being involved in the alleged global scam operation run by Cambodia’s Prince Holding Group, according to Mothership.
FSM Holdings announced on Oct 21 that Mr Li immediately resigned from all his roles in the company, citing his decision to “devote more time to his other commitments and engagements.”
The company’s board said it was aware of the US sanctions and allegations against Mr Li and initiated an internal review to assess any possible implications on the firm, highlighting that the firm was not sanctioned by the US.
FSM Holdings also made clear that the company, its subsidiaries, other directors, and senior management were not connected to Prince Holding Group and its alleged operations.
Last week, an independent director of Singapore-listed live-streaming firm 17Live Group, 43-year-old Karen Chen Xiuling, resigned after she was added to the US Treasury’s Specially Designated Nationals (SDNs) list over links to 38-year-old Cambodian national Chen Zhi, founding chairman of Cambodian conglomerate Prince Holding Group.
The company 17Live Group was backed by Temasek’s subsidiary Vertex Venture Holdings, though Temasek clarified that it was not involved in the appointment of any directors to the 17Live board, including Ms Chen, and that it has no relationship with Prince Holding Group or any of its subsidiaries.
Ms Chen was listed alongside two other Singaporeans, 32-year-old Nigel Tang Wan Bao Nabil and 53-year-old Alan Yeo Sin Huat, as well as 17 Singapore-registered firms.
Chinese national Mr Li, who has Cambodian citizenship and a Vanuatu passport, was on the same SDN list released on Oct 14 by the US Treasury’s Office of Foreign Assets Control (OFAC) for alleged connections to Prince Holding Group’s transnational criminal organisation.
In a press release on Oct 14, the US Treasury described Mr Li as a “close associate” of Mr Chen involved in bulk cash smuggling and managing dirty money in Prince Holding Group’s financial flows.
Mothership also reported, citing Bloomberg, that Mr Li purchased a condo worth S$18.2 million at Singapore’s Boulevard Vue, located near a luxury penthouse in Gramercy Park that Mr Chen had bought. /TISG
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