Khoon Group has revealed that its executive directors, Ang Jui Khoon and his son Ang Kok Kwang, have stepped down from their roles following allegations of connections to a cybercrime network led by Cambodian businessman Chen Zhi.
Ang Kok Kwang has resigned as CEO and executive director, while his father has given up his positions as chairman and executive director, according to reports from The Straits Times.
A construction worker of Khoon Engineering. Photo courtesy of the company
The group stated that both individuals are stepping down to focus on personal and other business interests. This decision came after Khoon Group was listed among 146 individuals and entities sanctioned by the U.S. Treasury’s Office of Foreign Assets Control on October 14 for alleged ties to Chen Zhi.
Bloomberg had previously reported that Chen is believed to be a major shareholder in Khoon Group. However, the company issued a statement on October 15 denying any association with him. Khoon Group emphasized that “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.”
In a separate statement provided to The Business Times, Khoon Engineering, established by the Ang family, clarified that it is an operating company founded in Singapore in 1988. It noted that Khoon Group was formed in Hong Kong in 2018.
Khoon Engineering added that the Ang family, who originally started an electrical engineering business in 1988, sold its entire 55% stake in Khoon Group to Chen “almost three years ago.”
Chen, who is of Chinese origin, was charged in absentia in the U.S. on October 14 for allegedly orchestrating a large-scale cryptocurrency scam involving forced labor camps in Cambodia. According to court filings, Prince Holding Group constructed at least 10 compounds in Cambodia where workers—many of whom were detained migrants—were coerced into contacting thousands of victims online. These workers were tasked with building trust and convincing victims to invest in cryptocurrency with promises of high returns.
Singapore police has seized over SGD150 million (US$115 million) in assets linked to Prince Group, including six properties and cash. This ongoing investigation highlights the growing international concern over the involvement of such networks in financial crimes and human rights violations.