2 SGX-listed firms affected by US action against scams, Iranian oil

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- Kang Wan Chern

Two firms listed on the Singapore Exchange (SGX) were cast into the spotlight last week after they were affected by US sanctions that forbid US individuals and companies from doing business with them.

Ms Karen Chen Xiuling resigned from her role as independent director of live-streaming platform 17Live Group on Oct 15, after she was added to the US Specially Designated Nationals and Blocked Persons (SDN) list.

This was as a result of her alleged links with Mr Chen Zhi, a Cambodian national accused by the US of running a global cyber scam operation involving forced labour. Mr Chen is the founder of conglomerate Prince Holding Group, through which he operates "a transnational criminal empire" targeting Americans and others worldwide using online investment scams, the US authorities claimed.

US losses to online investment scams have reached some US$16.6 billion (S$21.5 billion) in recent years, the US Treasury said on Oct 14, with scams like those perpetrated by Prince Group being particularly significant.

Ms Chen is among three Singaporeans and 17 Singapore-registered entities added to the SDN list. The US authorities claim she oversees Prince Group's companies in Mauritius, Taiwan and Singapore, and added that she is a director or company secretary, or both, in all the 17 Singapore-registered companies targeted by the sanctions.

Ms Chen had been an independent director at 17Live since December 2023, after it was acquired by Singapore's first special-purpose acquisition company, Vertex Technology Acquisition Corp, which is backed by Temasek's subsidiary, Vertex Venture Holdings.

17Live said in an Oct 16 statement that "besides providing oversight as a director and member of the board subcommittees, Ms Chen, 43, is not involved in the business and operations of 17Live". It added that 17Live has never done business with Ms Chen.