Karen Chen Xiuling, one of the three Singaporeans added to the US Specially Designated Nationals and Blocked Persons list, has resigned from her role as an independent director of 17Live Group.
Inclusion into this list by the Treasury Department's Office of Foreign Assets Control (OFAC) means US persons and entities are not to do business with these individuals. 17Live says that Chen has voluntarily resigned on Oct 15.
"Besides providing oversight as a director and member of the board subcommittees, Chen Xiuling is not involved in the business and operations of 17Live," the company says.
"Further, 17Live has never done business with Chen Xiuling, the company she works in, DW Capital or the shareholder of DW Capital, Chen Zhi," the company adds.
Chen Zhi, described on the website of DW Capital as a "young business prodigy", is its founder and chairman. Chen Xiuling is DW Capital's CFO.
US authorities allege that Chen Zhi and his top executives grew Prince Holding Group into “one of Asia’s largest transnational criminal organisations”.
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17Live says it will look for a replacement ID.
17Live shares closed at 94 cents on Oct 15, up 1.08%.
