Li Thet, executive director of FSM Holdings, resigned after US authorities linked him to a Cambodian cyber-scam operation involving human trafficking and money laundering. The US Treasury sanctioned Li for alleged criminal involvement with the Prince Group transnational criminal organization led by Chen Zhi, operating in Southeast Asia. Li resigned from all positions at FSM Holdings effective October 21, following the allegations. FSM Holdings initiated an internal assessment to ensure compliance with applicable laws and regulations after the US Treasury Department’s announcement. Li, also known as Li Tian, held Chinese nationality and Cambodian citizenship, as well as a Vanuatu passport. The US sanctioned over 115 businesses affiliated with the Prince Group TCO, 11 of which are registered in Hong Kong. FSM Holdings, listed on the Hong Kong stock exchange in 2018, operates in precision sheet metal engineering and online mobile game development. Its shares closed at HK$0.435 on Tuesday, with an unaudited loss of US$3.97 million in the first half of this year. The company faces market risks such as fluctuations in foreign exchange and interest rates. Prince Holding Group, headquartered in Cambodia, engages in criminal activities including cyber fraud, human trafficking, and online scams across multiple countries. US and UK authorities seized over US$14 billion in assets linked to Chen Zhi, including bitcoin and luxury properties. Chen was indicted on charges of wire fraud conspiracy and money laundering. This article originally appeared in the South China Morning Post.

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