So little is known of Calvin Cheng Ern Lee but for the controversies that attach to him so I thought perhaps I fill in some details. He has shown his skill as a slippery operator once too often. He has made two very troubling posts on Facebook regarding the Gaza situation which crossed a line in a sensitive socio-political context. For anybody else, it would have triggered an immediate response by officialdom either in strong rebukes or POFMA, or unseen machinations to get the social media platform to suspend the erring account. But no, not for the Slippery One. In fact, his second post was 'shared' and 'liked' by prominent establishment figures. The backlash from community groups and public outcry eventually forced the government to discipline him in air quotes — a half-hearted reproach wrapped in affection and denial.
This scene relates to an incident early this year. Having won a civil suit and the right to confiscate defendant's assets over unpaid legal costs, a court process normally conducted quietly by the sheriff alone, or accompanied by plaintiff who needs to access a compound to identify the assets, Calvin arranged to surprise the defendant with maximum publicity for the occasion. The defendant opened his door to find cameras clicking in his face. One wonders at Calvin's power to co-opt state media personnel to participate in what appears to be an illegal act. It did seem there were potential violations of Protection from Harassment Act (POHA) and Personal Data Protection Act (PDPA) were committed. We do not know if the Law was concerned and wonder has the Slippery One gotten away unpunished once again.
One wonders at Cheng's pedigree that allows him to 'slip away' once too often, and how he got to be a nominated-MP and a Honorary Consul for Serbia. For a man who likes to bask in publicity, he hides his personal life extremely well. It is impossible to check which prominent Cheng family he belongs to.
A nominated MP is a non-partisan appointment. The idea is to allow non-politicians into parliament and help drive public discourse. At the time of appointment in 2009, Cheng was a PAP card-holding cadre. He had to resign from the party to take up the appointment to which his nonchalance was after all, he was a passive member all along, never collected his card and never attended any party meetings. If that is the whole truth and nothing but the truth, then one wonders how his awol status and non-participation in PAP inhouse dialogues, helped the government assess his capabilities to contribute in parliament debates.
Of course, Singaporeans believe leopards can get rid of their spots and the veneer of non-partisanship erases the record of loyalty and leanings in a previous life. And so a PAP member can resign from the party and be a non-partisan nominated MP, heck, they can also be a 'neutral' President. Well, actually President Ong Teng Cheong proved me wrong, but then again, he was made from a different moral mold.
Cheng is an Honorary Consul of Serbia. Due to cost concerns, small countries do not have consuls in every country. They get by having one consul to cover one or more nearby countries. Or they appoint an Honorary Consul, a resident in the country to represent them. Honorary consuls primarily assist a foreign government with consular matters, promoting bilateral relations, and facilitating trade and cultural exchange, all on a voluntary, unpaid basis. Usually, such appointees are someone who already has some association with the foreign country. For example, Andreas Goros, who is Honorary Consul for Greece Cyprus has Greek-Cypriot heritage and has maritime & trading businesses there, and Rosanne Lim Mei Ling, who represents Malta, has trade/investment links in Mediterranean and Europe. But often, these small countries have no connection, relying on the Ministry of Foreign Affairs to recommend someone. Prime Minister Ana Brnabić personally anointed Cheng in a ceremony during her visit in November 2022 to attend the Bloomberg New Economy Forum. It was probably the first time the two met.
Again one wonders at Cheng's pedigree that MFA chose to recommend him despite him mired in controversies.
Just for information, Serbia has a large population of Muslims who strongly support the Palestinians in their struggles against Israel. The Serbian government however, recently pivoted in support of Israel, much to the disappointment of the Muslim population.
The World Economic Forum named Cheng a Young Global Leader in 2009. Looking at his records, there was nothing really inspiring by 2009 that justifies that title. Was that because he had attended some WEF lectures. Or once again, one must try to figure out his pedigree? In any case, that WEF title today is more an albatross around his neck than a badge of honour.
In 2012 Cheng was appointed a member of the Ministry of Communications and Information’s Media Literacy Council (MLC). MLC is supposed to
“promote civility and responsibility on the Internet”. If anyone has been watching his posts and comments on Facebook, one is quick to see
civility certainly is not one of his strengths. So once again, the curiosity is killing. What pedigree has he that opportunity for
greatness is constantly thrown at him? Especially having been found guilty the year earlier for his role in price-fixing in violation of the Anti-Competition Act.
NMP, Honorary Consul, WEF Young Global Leader, MLC member. The great bard would have said: "Some are born great, some have great titles thrust upon them."
Looque Models:
Cheng is known to have started off operating a modelling agency called Looque Models Singapore Pte Ltd. In his own words, he was actually in the business of selling Elite Models franchises. In 2011, the Competition Commission of Singapore (CCS) found several modeling agencies guilty of colluding on pricing through the Association of Modelling Industry Professionals (AMIP) that resulted in customers paying more, causing an adverse impact on the market. At the time, Cheng was President of AMIP. Cheng appealled which resulted in him facing no personal liability. A total fine of S$361,596 was imposed on the AMIP. Under the Competition Act, the standard approach is to penalize the entity, not the individual unless an individual is directly responsible (e.g., instructing or executing the conduct); and there's a clear case of bid-rigging or tender manipulation involving the individual, distinct from corporate practices. It is noteworthy the CCS put on record that Cheng, as President of AMIP, "played a central role" in orchestrating the collusion and instructing members on how to hide it. Once again, Cheng did his slippery trick.
Retech Technology:
In the same year 2011 Cheng, slipped into China to seek his fortune. Eventually he decided modelling franchise was a business that among other things, he could not scale. He pivoted to the IT business of helping business set up e-training capabilities with a vehicle called Retech Technology Co Ltd, registered in HK. In 2017 he set up a subsidiary company locally Retech Technology Co Ltd, Singapore as holding company for Retech Technology Co Ltd, Australia. In the same year, he took Retech Australia to IPO and a listing on Aussie exchange ASX with a market capitalisation of US$80m. It was too small a company for HK stock exchange, that's why he went down under.
Things seem hazy as some info is hard to come by. I reconstruct what happened to Retech this way:
Retech SG:
* 2020 March - Cheng joined Retech SG as Independent Non-Executive Director with responsibility as Chairman of Audit Committee.
* 2021 - In respect of y/e 2020, Moore Stephens SG, the auditor of Reteck SG, qualified the accounts due to an issue of S$10.8m suspicious transactions that looked like round tripping and fictitious transactions.
* Cheng signed the qualified account.
* 2022 - In respect of y/e 2021, Moore Stephens told the board it would have to escalate to an “adverse or disclaimer” opinion for FY-2021 unless independent evidence was produced – which never happened.
* Moore Stephens submitted draft management letter (never released publicly) said it was “unable to verify the commercial substance of RMB 46 m of customer contracts” and asked the board to commission an independent forensic review.
* Moore Stephens resigned as auditor as request for independent forensic auditor was not met..
* 2023 June - Cheng resigned from company.
* 2023 July - Grant Thornton HK replaced Moore Stephens.
* Grant Thornton resigned due to inability to obtain information relating to issues raised by prior auditor.
* Retech SG status unknown.
Retech Aust:
* Cheng was co-chairman of Retech Aust, and a non-executive director.
* 2021 - On the basis of Holding Company's draft management letter of auditor, ASX asked for price-querry.questioning the financial integrity of Retech’s reports.
* 2022 September - ASX suspended company for failure to produced audited accounts y/e 2021.
* 2023 August - ASX delisted company due to non-filing of accounts and non-payment of fees.
Retech HK:
* Cheng's official role in Retech HK unknown.
* 29 June 2023 - Cheng resigned (I assume, as director) from company.
* 1 July 2023 - HK Court ordered winding up of company in a creditors' liquidation. Claims of more than HK$40 million, share value = zero.
Cheng's resignation from Retech SG and HK 2 days before court winding up order sure sounds very much like Dr Goh Jin Hian resigning from IPP 4 days before the company filed for Judicial Management.
SGX RegCo, the regulatory arm of the Singapore Exchange, monitors foreign-listed issuers using Singapore audit firms to ensure compliance with listing rules and maintain market integrity. This includes oversight of both the audit firms and the audit partners involved. The regulator asked for clarifications relating to the audit qualification for y/e 2020. Nothing further was filed.
Everybody knows Singapore is a land of Law and Order. The regulator immediately tightened up auditing standards in Singapore in early 2021 reflected rising concern over cases like Retech. SGX RegCo reaffirmed their authority to require joint auditors, escalate compliance scrutiny, or mandate forensic reviews when red flags arise. From February 2021, SGX RegCo enhanced rules requiring primary-listed firms to engage ACRA‑registered auditors and gave itself power to appoint independent or secondary auditors under “exceptional circumstances”.
Other than a good show of putting in more bells and whistles, we have no idea whether the case was referred to the police for criminal investigation. Just as in IPP, it is apparent a commercial crime had been committed. And just like in IPP, it seems no further action was taken. If that is the case, Cheng has once again performed a jolly good show of his slippery prowess.
Web3:
While one venture was tinkering on collapse, Chen turned up in Dubai to establish Calvin Cheng Web3 Holdings FZE, a holding company. The Web3 space is the concept of the next iteration of the internet, characterized by decentralization, user ownership, and privacy. It aims to move away from the centralized control of the current web (Web2) by leveraging technologies like blockchain to empower users with more control over their data and online identities. In May 2022 Cheng secured a provisional virtual asset licence from Dubai's Virtual Asset Regulatory Authority (VARRA). I can tell you it was some fanfare there as Cheng is the first FDI under UAE's new digital assets law. He is the first to launch a regulated NFT/fan-token investment company in Dubai.
So welcome to the wacky techy world of Web3 where the future is always in Beta. It's a decentralised world of Web3 where every digital problem is solved with .... yet another blockchain. It's a thrilling, confusing bazaar of acronyms and promises where you meet "community ownership", "DAOs", "smart contracts", "NFTs", "Metaverse", "the FUD", where self-declared visionaries mint token after token, where wierdos promise to disrupt everything from real estate to the human soul, where if you don't understand, don't worry, the guy standing next to you probably don't too, he's just pretending he knows, and if things don't work out and go belly up, hey it's OK, it's just part of the cycle of innovation.
But one thing is for sure. It's a brave new world where everything is decentralised except the power, the profits and the hype machine.
I won't be lying. Here, me too, I am just pretending that I know stuff.
NFTs: (Non-fungible tokens.)
For those who don't understand, take it as if it is a pass that shows you own some digital asset, or sometimes, access to a metaverse (a digital make believe world of whatever wacko-jacko digital experience), and that pass is registered in a blockchain. It is a unique pass that cannot be changed one for another.
Wang Leehom
Cheng's first Wang Leehom NFT project took off in 2022 just like the Air India AI171. Prices crashed about 90% post-launch; fans reported losses of $500–$5,000+ per NFT. He has other celebrity teasers like Stefanie Sun and JJ Lin but nothing has materialised. Seems still a mirage. Critics say he used "pump and dump" tactics to sell. Investors accused him of misleading marketing, though he blamed the "crypto winter." Most NFTs offered no real-world benefits, just digital artwork with fleeting celebrity association.
EmberX: (2022)
This is a membership NFT project that grants holders lifetime VIP access to Amber Lounge events. The NFTs are marketed as offering exclusive perks, experiences, and status at Amber Lounge events and beyond. Coverage centers on luxury positioning offering only 1,888 exclusive NFTs offering lifetime VIP access. Cheng is thus using Satoshi Nakamoto's old cat-in-the-bag of creating digital scarcity to booster price. Some in the broader NFT community express general caution over exclusive, high-priced NFT drops, but nothing specific to Amber X.
Amber Lounge is a high-profile luxury afterparty brand founded in 2003 by Sonia Irvine (sister of former F1 driver Eddie Irvine).It’s famous for its Formula One–themed VIP parties, fashion shows, and celebrity-attended events in Monaco, Singapore, Abu Dhabi, etc. The brand became known for exclusivity, ultra-premium tickets, and association with F1 drivers, royalty, and models.
Ember X NFT holders can attend Ember Lounge's parties and rub shoulders with various celebrities. I believe Cheng has plans to broaden afterevent parties into other celebrity or high profile events, example World Cup, Wimbleton Tennis, etc. In a way, he has gone full circle, from organising celebrity type events with the modelling business, to IT based e-training enabling, and now with EmberX he is putting his experience to good use. Good ideas, but as of now, it's all hype.
CelebX:
This is an NFT-based fan‑engagement platform centered around celebrities, designed to create direct connections between celebrities (models, sports icons, entertainers) and fans, with benefits like exclusive perks (e.g., content access, meetups), digital collectibles, fan‑token utility for voting, rewards, and monetization, etc. Basically, it is about building a regulated, tokenized fan economy for celebrities. CelebX appears to remain in an early development or pilot phase. No official token listings or volumes have been reported yet.
Xeleb:
Think of this like American Idol, instead of calling in your votes, you have an NFT to access an internet platform to vote as well as connect with other people.
It is more than a blockchain voting app. It is a high-engagement, tokenized model designed to blend global entertainment with fan-driven Web3 mechanics. By enabling fans to vote, support, and even earn via participatory tokens, it exemplifies a tokenized media economy. By tokenizing voting power and creating Meme Coins, Xeleb turns passive viewership into active, monetized participation.
Xeleb was first put to use in Miss Charm 2024 event in Ho Chi Minh City (December 21, 2024). The event itself faced several challenges, such as change of venue and logistical issues. But Xeleb itself went without a hitch. It was a successful first use of Xeleb.
Xeleb can be used in connection with many events that can garner hundreds of millions of participants. Its potential is huge.
Cryptos:
Anchored Coins (formerly known as Damoon Technologies):
Company granted membership in Switzerland’s Financial Services Standard Association, or VQF, in early 2023. AC is the issuer of 2 stable coins in Switzerland - AEUR (100% EUR backed) and ACHF (100% SWF backed).
On 13 Jun 2024 Swiss regulator FINMA opened bankruptcy proceedings against Flowbank SA, an online bank in Switzerland. It's licence was withdrew due to severe undercapitalisation and over-indebtedness. Flowbank is one of the depositories that Cheng use to safekeep the fiat currency EUR reserves that back up the AEUR coins. It is not known how much of the reserves are kept at Flowbank. With Flowbank under liquidation, the issuance and redemption of AEUR coins are frozen until further notice. Authorities indicate recovery from liquidator doesn't look good.
It's tough luck for Cheng here. but one wonders how was due diligence done in selecting Flowbank SA which had been in operation for barely 2 years when Anchored Coins open account with them. From looking after models to e-training to cryptos, the learning curve is steep.
AI Space:
Wizpresso HK (2017)
This is a platform for automating financial and legal workflowss. It is not generalized AI, but strong applied AI, leaning into Specialized data processing, LLM-driven automation and Practical enterprise use-cases. It's mostly domain-specific application AI -- Generative AI assistants for ESG, knowledge retrieval (e.g., Retrieval Augmented Generation – RAG), and financial analytics, and Natural Language Processing (NLP) applied to unstructured data (e.g., regulatory texts, disclosures). Company has won many awards, Cheng has represented Wispresso and spoken at many forums and workshops. The company has confirmed momentum and sustainable cash flow. Company data shows healthy usage metrics, consistent growth, and enterprise traction.
Conclusion:
To some, Cheng may come across as an attention seeker who indulges in controversial commentaries in a foul-mouthed way, often times in a disrespectful manner. His fans think otherwise, especially his pro-establishment views on politics and his tirades against the opposition. For example, in the Covid-19 pandemic, he has been an avid supporter of the government's push for vaccination. He has on record wished non-vaxxers condemnation, and in May 2021 he insulted in his Facebook post a group of 12 well-meaning medical practitioners who put out a statement for caution in the use of an untested mRNA vaccine.
His current entry into the Web3 space is indeed brave. We can see he has some vision. With so much going on at the same time, he seems a high energy and driven person. The traction on some projects have not yet taken off. And there are quiet voices of concern given his past to walk away from challenges that arise. Critics accuse AmberX of being a "ghost project" - used to attract funding without deliverables. There are some suspicion of vaporware projects in his stable and that other ventures are often announced with hype but lack execution. Wizpresso seems on its way to a growth path and Xeleb seems to have a great future. His cryptos are in trouble, not directly his fault but due to failure of the reserves depository bank. The other Web3 ventures are still too early to say. I wish him luck.
His escapades in his career, which includes prima facie evidence of corporate criminal missteps in Retech for which he needs to answer for in his capacity as a director, and the various positions thrusted upon him, makes one
wonder who he really is. His private life seems as well-guarded as Ho Ching's salary. Indeed, even his cat asks "What's your pedigree?".
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