Phua Cheng Wan, previously accused of conspiring to produce a fake work pass for an individual imprisoned in Singapore’s blockbuster 2023 money laundering case, has been revealed as the owner of a firm until recently licensed by the Isle of Man gambling regulator.
The Isle of Man Gambling Supervision Commission (GSC) today (22 July) issued a public statement barring Phua, the ultimate beneficial owner of ex-licensee Boldwood Software Limited, from the island’s regulated gaming sector.
Singapore media reports from early June suggest Phua had conspired with Wang Deha, the last individual to plead guilty in a multi-billion-dollar Singapore money laundering case that uncovered an international criminal network involved in cleaning black market gambling revenue.
According to reports, Phua conspired with Wang and another person to make three false statements relating to Wang’s application for a work pass.
In his role as director of a firm called Craft Digital, Phua allegedly authorised his human resources department to apply for an employment pass on Wang’s behalf.
These documents said Wang would be hired as a brand manager or business consultant for the firm, when he actually had no intention of working there.
However, he has not faced criminal charges or been convicted of any criminal activity, and the action taken by the Isle of Man GSC was regulatory only in nature.
Isle of Man: Not ‘fit and proper’
Boldwood, which was initially licensed on 21 November 2022, surrendered its licence on 14 May 2025 after receiving a notice and enforcement report from the Commission, which set out there would be a meeting in June to consider its licence cancellation.
The GSC outlined that its investigation resulted from questions over Phua’s integrity and whether he was a “fit and proper” person to hold a gambling licence.
It added that its probe identified a range of open-source materials suggesting he was associated with “bad actors”.
The investigation also established that while Phua had not been convicted of an offence, there is evidence of his association with criminal elements.
The statement said: “Accordingly, the Commission finds it appropriate to prohibit him from performing any role or functions within the regulated gambling sector in the Isle of Man. The prohibition will remain in place indefinitely until such time as Mr. Phua successfully applies to the Commission to have it varied or revoked.
“Mr. Phua’s acknowledgment of the facts and engagement with the Commission has allowed the Commission to conclude this matter sooner than might otherwise have been the case.
“In seeking to fulfil its regulatory objectives, and in seeking to protect the Isle of Man’s reputation, the Commission will not hesitate to act robustly and in line with the Isle of Man’s risk appetite.”
Questions over future of island’s gambling sector
The revelation comes as questions hang over the future of the Isle of Man’s gambling sector, with NEXT.io sources indicating the island’s perceived infiltration by dubious Asian-facing operators has proved highly damaging to its reputation and resulted in much more stringent enforcement.
It also follows the publication of a National Risk Appetite Statement that highlighted issues with individuals or companies with connections to Southeast Asia.
NEXT.io sources have also argued the regulator’s broad brush new scepticism towards the region risks extending to operators with legitimate business interests there.
