SINGAPORE: An independent director of Singapore-listed live-streaming firm 17Live Group, which is backed by Temasek’s subsidiary Vertex Venture Holdings, voluntarily resigned after she was added to a US sanctions list over alleged links to a global scam operation.
Karen Chen Xiuling, who joined the board as an independent director in December 2023, stepped down on Oct 15, the same day she was named on the US Treasury’s Specially Designated Nationals (SDNs) list alongside two other Singaporeans and 17 Singapore-registered firms, Malay Mail reported, citing The Straits Times.
The designation bars US individuals and companies from conducting business with them.
The sanctions are tied to 38-year-old Cambodian national Chen Zhi, also known as “Vincent,” and his conglomerate, Prince Holding Group, which US and British authorities have accused of running forced labour scam compounds in Cambodia. Victims were allegedly detained and made to run cryptocurrency investment schemes, or “pig-butchering” scams, that stole billions of dollars from people worldwide.
US officials allege that 43-year-old Ms Chen oversees several companies across Mauritius, Taiwan, and Singapore and is listed as the ultimate owner of various Prince Group-linked entities. The Business Times reported that Ms Chen is a director or company secretary in all 17 of the sanctioned Singapore-based firms.
In a filing with the Singapore Exchange, 17Live confirmed Ms Chen’s resignation, noting that the board was made aware that Ms Chen was on the US Treasury’s Office of Foreign Assets Control (OFAC) SDN list on the evening of Oct 15, but clarified that she was not involved in the company’s business or operations. The firm also said it had never conducted business with Ms Chen, her company DW Capital Holdings, or Mr Chen Zhi.
Shares of 17Live fell 1.6% following the announcement. /TISG
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