The executive director of Singapore-based FSM Holdings has stepped down following allegations from the United States linking him to a Cambodian transnational scam syndicate tied to Prince Holding Group, a conglomerate recently labeled a criminal organization by US authorities.
FSM Holdings announced on October 21st that executive director Li Thet, a Chinese national holding Cambodian citizenship and a Vanuatu passport, had resigned from his roles “to devote more time to his other commitments and engagements.” The company emphasized that it was not itself sanctioned and has no involvement with the alleged network.
Li was among 18 individuals sanctioned on October 14th by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) for purported ties to Prince Holding Group. The US has accused the Cambodia-based conglomerate of operating an extensive criminal network responsible for billions of dollars in losses through online scams, human trafficking, and money laundering.
Prince Group’s chairman Chen Zhi, who holds both Chinese and Cambodian nationality, is alleged to be the central figure in the operation. According to Bloomberg, Li purchased a condominium worth SGD18.2 million ($13.3 million) at Boulevard Vue in Singapore, located near a luxury penthouse in Gramercy Park owned by Chen.
The latest sanctions also extended to three Singaporean nationals and 17 Singapore-registered companies, which were added to the Specially Designated Nationals (SDN) list for suspected connections to the same transnational network.
FSM Holdings stated that its board is aware of the allegations against Li and has launched an internal review to assess any potential impact on the company. It reiterated that neither the company nor its subsidiaries, directors, or senior management have any ties to Prince Holding Group or its associated operations.
Listed on the Hong Kong Stock Exchange since 2018, FSM Holdings specializes in precision sheet metal engineering and the development and distribution of online mobile games. The company was incorporated in the Cayman Islands as an exempted limited liability entity and maintains operational facilities in Singapore and Malaysia.
