Director of Hong Kong-listed FSM Holdings resigns amid Cambodia allegations

Li Thet, executive director of Hong Kong-listed FSM Holdings, resigned after US authorities linked him to an alleged Cambodian cyber-scam operation.

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Li for alleged criminal involvement with what it called the Prince Group transnational criminal organisation (TCO), which it and UK authorities said was involved in online scams, human trafficking and money laundering.

Prince Holding Group, led by a Chinese-born businessman Chen Zhi, was the outward-facing corporate identity of the TCO, according to the OFAC.

Li resigned from all positions at FSM Holdings, including executive director, board chairman and nomination committee chairman, effective October 21, the company said in a filing with the Hong Kong stock exchange on Tuesday.

FSM Holdings immediately initiated an internal assessment and took steps to ensure full compliance with applicable laws and regulations upon learning of the US Treasury Department’s announcement, it said.

“The company is currently seeking professional advice to assess and address the situation and will make further announcements as and when appropriate,” it added.

Li, also known as Li Tian in Chinese, was born on July 6, 1987, in Beijing and held both Chinese nationality and Cambodian citizenship, as well as a Vanuatu passport, the OFAC said.

South China Morning Post