Singaporean father, son executives quit Khoon Group following alleged links to Cambodian tycoon Chen Zhi’s cybercrime network

By Dat Nguyen November 6, 2025 | 03:21 pm PT

Khoon Group announced that its executive directors, Ang Jui Khoon and his son Ang Kok Kwang, have resigned following accusations of links to a cybercrime network led by Cambodian tycoon Chen Zhi.

Ang Kok Kwang has stepped down as CEO and executive director, while his father relinquished his positions as chairman and executive director, according to The Straits Times.

A construction worker of Khoon Engineering. Photo courtesy of the company

Khoon Group said both men had resigned to "devote more time to (their) personal and other business commitments."

Their decisions were made after Khoon Group was identified among 146 individuals and entities sanctioned by the U.S. Treasury’s Office of Foreign Assets Control on Oct 14 for alleged links to Cambodian national Chen Zhi.

Bloomberg reported earlier that Chen is believed to be a controlling shareholder of Khoon Group, though the firm issued a statement on Oct. 15 denying any involvement with him.

But Khoon Group stated 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 statement to The Business Times, Khoon Engineering, founded by the Ang family, clarified that it is an operating company "started in Singapore in 1988", while Khoon Group was started in Hong Kong in 2018.

Khoon Engineering added that the Ang family, which started the electrical engineering business in 1988, sold its entire 55% stake in Khoon Group to Chen "almost three years ago".

Chinse-born Chen was charged in absentia in the U.S. on Oct. 14 for allegedly masterminding a massive cryptocurrency scam that involved forced labour camps in Cambodia.

Court filings allege that Prince Holding Group built at least 10 compounds in Cambodia where workers, many detained migrants, were forced to contact thousands of victims online, build trust and persuade them to invest cryptocurrency with promises of large returns.

Singapore police has so far seized more than SGD150 million (US$115 million) in assets, including six properties and cash, linked to Prince Group.