Director of S'pore-based company resigns after US links him to alleged Cambodian scam ring

FSM Holdings said the company was not sanctioned by the U.S. and has no involvement with the scam network.

Xueting Wu

October 24, 2025, 05:07 PM

The executive director of FSM Holdings, a company based in Singapore, has resigned after the United States accused him of being involved in an alleged Cambodian transnational scam operation.

Li Thet, a Chinese national who holds Cambodian citizenship and a Vanuatu passport, was among the 18 individuals sanctioned by the U.S. Treasury's Office of Foreign Assets Control on Oct. 14 for alleged links to Prince Holding Group.

The U.S. claimed that Prince Holding Group, a Cambodia-based conglomerate, is a transnational criminal organisation responsible for losses amounting to billions of dollars through online scams, human trafficking, and money laundering across several countries.

Chen Zhi, the chairman of Prince Holding Group with both Chinese and Cambodian nationality, is said to be the mastermind of the operation.

According to Bloomberg, Li paid S$18.2 million for a condo at Boulevard Vue in Singapore, close to a luxury penthouse in Gramercy Park that Chen had bought.

Three Singaporeans and 17 Singapore-registered companies were also sanctioned and added to the Specially Designated Nationals (SDN) list for suspected ties to the network.

Company claims no involvement

On Oct. 21, FSM Holdings announced Li's immediate resignation from his various positions in the company due to "his decision to devote more time to his other commitments and engagements".

The statement said the board of FSM Holdings were aware of the sanctions and allegations against Li, and has initiated an internal assessment of any potential implications to the company.

FSM Holdings highlighted that the company itself was not sanctioned by the U.S.

It added that the company, its subsidiaries, their other directors and senior management, have no involvement with Prince Holding Group and its alleged activities.

What is FSM Holdings?

Listed on the Hong Kong Stock Exchange since 2018, FSM Holdings is mainly engaged in precision sheet metal engineering and the development and distribution of online mobile games.

In 2018, the company was incorporated in the Cayman Islands with limited liabilities as an exempted company.

Its website states that the company is based and headquartered in Singapore, with various facilities in Singapore and Malaysia.

The company's current Chief Executive Officer (CEO) is Wong Yet Lian, who has over 30 years of experience in the metal precision components market in Singapore.