Cambodia's elite using unlicensed brokers.

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CEOCambodiaNews
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Cambodia's elite using unlicensed brokers.

Postby CEOCambodiaNews » Sun Mar 12, 2017 12:58 pm

A look inside Cambodia's derivatives trading brokerages, many of which are not yet regulated by the Securities and Exchange Commission of Cambodia (SECC). In the meantime, Cambodia's elite are keeping the illegal operations in business with no questions asked.

Brokers trading without licences
Tue, 7 March 2017
Kali Kotoski

Text messages, in which a broker at an unlicensed derivatives trading firm purportedly informs one of Prime Minister HE’s daughters that her trading account had been “topped up” with over half a million US dollars, were leaked yesterday. The texts raised questions about the government’s resolve in clamping down on unregulated derivatives brokerages, which cater largely to the country’s wealthy elite.

The Securities and Exchange Commission of Cambodia (SECC) has made slow progress in reining in unlicensed operations since issuing its first derivatives trading licence nearly a year ago. To date, only six licences have been issued, while at least as many unlicensed firms continue to openly advertise forex and metals trading services.

Some have deceptively masked their legal status, while others have partnered with licensed local derivatives firms – a move that provides temporary shelter from regulatory scrutiny and allows them to continue to chalk up high-profile clients, despite the illegality of their operations.

Among these is Askap Gold Investment Co Ltd, a derivatives brokerage mentioned in a series of alleged leaked text messages distributed to the local media last week by former opposition leader Sam Rainsy.

In correspondence dated November 11 and 23, Askap Gold informed Hun Maly, the youngest daughter of Prime Minister HE, via SMS, that the company had made two deposits of $300,000 each into her account. The number within the log was saved under the name “Adam”.

Contacted yesterday, Adam, whose real name is Cheng Jin Chuen, the chief information officer of Askap Gold, confirmed the transactions and the authenticity of the text messages.
“We processed two transactions of $300,000 each on November 11 and 23 to Maly,” he said. “She is one of our main clients.”

When contacted yesterday, Maly hung up on a Post reporter and did not respond to follow-up calls and messages.

Chuen admitted that Askap Gold continues to operate without SECC approval, but said the company was in the process of applying for a licence...
http://www.phnompenhpost.com/business/b ... t-licences
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Re: Cambodia's elite using unlicensed brokers.

Postby SinnSisamouth » Sun Mar 12, 2017 1:32 pm

i dont really see the relevance of them being unlicensed
if people do business with them isnt it up to them if they want to take that risk?

seems just like a witch hunt
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Re: Cambodia's elite using unlicensed brokers.

Postby Anchor Moy » Sun Mar 12, 2017 2:24 pm

SinnSisamouth wrote:
Sun Mar 12, 2017 1:32 pm
i dont really see the relevance of them being unlicensed
if people do business with them isnt it up to them if they want to take that risk?

seems just like a witch hunt
Reporting that the daughter of the PM of Cambodia is making money from illegal financial transactions is a witch hunt ?

Poor girl then, she has all my sympathy. It's the media who should shut up. They have been warned about embarrassing the elite.
We'll see what gets reported in Cambodia a year or two from now.
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Re: Cambodia's elite using unlicensed brokers.

Postby bolueeleh » Sun Mar 12, 2017 2:28 pm

KOW derivatives market is so small and ill liquid, it is a joke, the lack of enforcement is just a delay tactic for the rich to launder all their ill gotten gains, nobody gives a fuck about derivatives market in cambodia, most people dont even know how to use an ATM yet!
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Re: Cambodia's elite using unlicensed brokers.

Postby Duncan » Sun Mar 12, 2017 2:50 pm

How much would I have to have invested, to have my account ''topped up '' by $300,000 ,, Probable not a good as investment as buying a bar, but has someone got this guys phone number, or the web site.

Adam, whose real name is Cheng Jin Chuen, the chief information officer of Askap Gold,
Cambodia,,,, Don't fall in love with her.
Like the spoilt child she is, she will not be happy till she destroys herself from within and breaks your heart.
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Re: Cambodia's elite using unlicensed brokers.

Postby juansweetpotato » Sun Mar 12, 2017 7:09 pm

Anchor Moy wrote:
Sun Mar 12, 2017 2:24 pm
SinnSisamouth wrote:
Sun Mar 12, 2017 1:32 pm
i dont really see the relevance of them being unlicensed
if people do business with them isnt it up to them if they want to take that risk?

seems just like a witch hunt
Reporting that the daughter of the PM of Cambodia is making money from illegal financial transactions is a witch hunt ?

Poor girl then, she has all my sympathy. It's the media who should shut up. They have been warned about embarrassing the elite.
We'll see what gets reported in Cambodia a year or two from now.
quite right AM, i'd also like to add that the gov released that they were controlling it, when really they are some of the major players.
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Re: Cambodia's elite using unlicensed brokers.

Postby vladimir » Mon Mar 13, 2017 12:51 pm

Is it really any worse than some of the banking scams that go on in the western world?

How many Wall St. bankers/ brokers/lawyers do you see in jail?
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Re: Cambodia's elite using unlicensed brokers.

Postby Duncan » Mon Mar 13, 2017 2:52 pm

vladimir wrote:
Mon Mar 13, 2017 12:51 pm
Is it really any worse than some of the banking scams that go on in the western world?

How many Wall St. bankers/ brokers/lawyers do you see in jail?

Dont worry, they are still working on it and gathering the evidence.
Cambodia,,,, Don't fall in love with her.
Like the spoilt child she is, she will not be happy till she destroys herself from within and breaks your heart.

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