Report Details First Family’s Business Empire

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Report Details First Family’s Business Empire

Post by CEOCambodiaNews » Thu Jul 07, 2016 8:12 pm

Report Details First Family’s Business Empire

by Zsombor Peter | July 7, 2016 | អានជាភាសាខ្មែរ

On April Fool’s Day 2011, Prime Minister HE told the country that he earned less than $14,000 a year, amid a government campaign to get top officials to comply with a new anti-corruption law requiring them to declare their—sealed—assets.

The premier, widely accused of running one of the most kleptocratic regimes in the world, added cheekily: “I will receive support from my children. I will not let myself die.”

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A 2009 photograph of the first family taken at the Phnom Penh home of Prime Minister HE, front center. In the back row, from left to right, are Hun Manith and his wife Dy Chendavy; Hun Maly and her husband Sok Puthyvuth; Pich Chanmony and her husband Hun Manet; Hun Mana and her husband Dy Vichea; and Chay Lin, Mr. HE’s daughter-in-law. Seated to Mr. HE’s left is his wife, Bun Rany. (Reuters)

As it happens, his children and extended family have significant shares in more than 100 companies with a combined capital of over $200 million in sectors spanning the economy, “the tip of the iceberg,” according to a new Global Witness report that sheds light on the extent of the first family’s corporate empire.

In “Hostile Takeover,” released today, the London-based rights group warns current and prospective foreign investors of the risks of making bedfellows of the companies—some of them accused of abusing the law with impunity—in a highly corrupt environment under Mr. HE’s virtually unchecked control.

“Doing business with companies that are owned or controlled by the country’s ruling family not only raises ethical questions. It also carries significant legal, financial and reputational risk. It is in everyone’s best interest for investors in Cambodia to carry out careful checks to ensure that their money isn’t being funnelled into HE’s campaign of oppression,” Stephen Peel, a Global Witness board member and former private equity firm partner, says in the report.

fully story......https://www.cambodiadaily.com/news/repo ... -2-115112/
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Re: Report Details First Family’s Business Empire

Post by willyhilly » Thu Jul 07, 2016 8:17 pm

And they will never let go, good luck Cambodia in the future. I have bailed from all this forever.
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Re: Report Details First Family’s Business Empire

Post by CEOCambodiaNews » Thu Jul 07, 2016 8:18 pm

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According to VOD, the prime minister's oldest son denied the report by Global Witness.
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Re: Report Details First Family’s Business Empire

Post by Duncan » Fri Jul 08, 2016 7:50 am

I hate it when I make a mistake or people tell me I've made a mistake,,, but no-one will tell me, or show what that mistake is.
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: Report Details First Family’s Business Empire

Post by CEOCambodiaNews » Fri Jul 08, 2016 11:08 am

Prime Minister’s Children Accuse Media Of Colluding With NGO

BY ZSOMBOR PETER | JULY 8, 2016 | អានជាភាសាខ្មែរ

Prime Minister HE’s children took to Facebook on Thursday with sarcasm and denials in reaction to a new report by Global Witness accusing the first family of using its political connections to amass a sprawling business empire rife with legal abuses.

By mining the Commerce Ministry’s public corporate filings, the London-based anti-corruption group found 21 family members—from Mr. HE’s siblings and scions to nephews and nieces and their spouses—owning or investing in 114 companies with a combined capital of more than $200 million.

Full-story.....https://www.cambodiadaily.com/news/prim ... go-115157/
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Re: Report Details First Family’s Business Empire

Post by Anchor Moy » Fri Jul 08, 2016 1:59 pm

“Hostile Takeover,” released on Thursday, says the list is the “tip of the iceberg,” with other interests likely hidden behind layers of shell companies. It notes the listed companies’ business deals with major international brands including Apple and General Electric and warns foreign companies of falling foul of anti-corruption laws at home should they partner up.
Are these companies not already afoul of anti-corruption laws in their home countries ? It's difficult to imagine otherwise. Cambodia's "commission" is known as corruption elsewhere.
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Re: Report Details First Family’s Business Empire

Post by CEOCambodiaNews » Sat Jul 09, 2016 2:47 pm

Government Backs Letter Denouncing Foreign Press

BY BEN PAVIOUR AND VAN ROEUN | JULY 9, 2016

Foreign-owned newspapers in Cambodia serve as opposition propaganda machines and will face legal repercussions if they continue to disrupt stability in Cambodia, according to an anonymous letter published by a CPP-aligned media outlet and endorsed by a government spokesman.

The letter, titled “Behavior Plunging Cambodians Into a Bonfire of War Because of Foreigners,” was published on the Fresh News website on Friday morning along with a doctored Nazi propaganda cartoon in which the logos of The Cambodia Daily, The Phnom Penh Post and Global Witness are superimposed over the faces of World War II Allied leaders on the verge of decapitating a woman identified as “Peace.”

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The Phnom Penh Post, The Cambodia Daily and Global Witness prepare to execute ‘Peace’ in a cartoon published by Fresh News on Friday.
The letter echoed claims made by Prime Minister HE’s children in response to a new report released by the London-based anti-corruption group and covered by the Daily, the Post, and dozens of local and international news organizations on Thursday.

The report, “Hostile Takeover,” links the first family to a vast business empire with a combined capital of more than $200 million.

Image

full story.....https://www.cambodiadaily.com/news/gove ... ss-115222/
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Re: Report Details First Family’s Business Empire

Post by CEOCambodiaNews » Sun Jul 10, 2016 4:23 pm

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Re: Report Details First Family’s Business Empire

Post by CEOCambodiaNews » Sun Jan 22, 2017 11:59 am

The latest round in the sparring between Global Witness and HE took place in Switzerland (and also on social media) :

HE Decries Global Witness As ‘Crazy’ Amid Latest Criticism
by Kuch Naren | January 20, 2017

Prime Minister HE described Global Witness as ignorant, stupid and crazy on Friday after the anti-corruption NGO criticized the World Economic Forum for allowing the premier to host an investment event at this year’s conference in Switzerland.

In a news release on Wednesday, Global Witness urged the forum to ban Mr. HE from hosting the event aimed at attracting new overseas investment, accusing his government of systematically quashing political opposition “through the murder, torture and arbitrary imprisonment of critics.”

Prime Minister HE meets with representatives of Swiss companies in Zurich on this week, in a photograph posted to his Facebook page.

On Friday, Mr. HE took to Facebook to rail against what he perceived as the organization’s ignorance of world politics. He wrote he was sending “a message to Global Witness and its cliques to stop this ignorance and stupidity.”

“The President or the Prime Minister work together like this. That’s the normal routine of the relationship between state and state. If the brain is not going crazy yet, [you] should go to school and learn more to not oppose me in this crazy way,” he wrote...
https://www.cambodiadaily.com/topstory/ ... sm-123838/
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Re: Report Details First Family’s Business Empire

Post by OKW » Sun Jan 22, 2017 12:39 pm

Anchor Moy wrote:
“Hostile Takeover,” released on Thursday, says the list is the “tip of the iceberg,” with other interests likely hidden behind layers of shell companies. It notes the listed companies’ business deals with major international brands including Apple and General Electric and warns foreign companies of falling foul of anti-corruption laws at home should they partner up.
Are these companies not already afoul of anti-corruption laws in their home countries ? It's difficult to imagine otherwise. Cambodia's "commission" is known as corruption elsewhere.
"First Family's Business Empire " :D rings a bell. I know at least one place where this has a tradition.
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