Cambodians Named in the Leaked Panama Papers

CEOCambodiaNews · Post by **CEOCambodiaNews** » Wed Jun 08, 2016 6:47 pm

"Data released by the International Consortium of Investigative Journalists reveals offshore holdings of a number of prominent Cambodia-linked individuals.

The latest data include 25 individuals related to Cambodia who hold shares in 26 different offshore companies.

Analysts say Cambodia’s lax regulatory environment and tax loopholes mean the scale of offshoring and its economic impact on the Southeast Asian country remain unknown. While wealthy individuals can avoid higher tax rates or scrutiny via offshore holdings, their nominal association with the leaked documents does not necessarily mean they have broken any laws.

Among individuals named is Cambodian Justice Minister Ang Vong Vathana, who is listed as holding $5,000 worth of shares in a company called RCD International. The now defunct enterprise, whose purpose remains unknown, was based in Hong Kong and involved other Cambodians and people with Chinese names. Vathana has denied his involvement with the company.

Other familiar Cambodian names found in the database include Lim Bunsour and Nang Sothy, both corporate executives and members of the Cambodian Chamber of Commerce, and Sreang Tito, owner of Internet service provider Mekong Net.

Several unknown individuals are listed. Long Virak is named as shareholder in five different companies, including Easy Flow Media Ltd., Solid Media Solutions Ltd., Ultra Media Entertainment Ltd., Speedquick Media Ltd. and Big Aim Ltd.

Leaked papers also reveal individuals with foreign names using Cambodian addresses for offshore holdings. These include Wong Swie Hwa, who partnered with Lim Sophany to invest in King Fortress Investments. Also named are OKUBO Alejandro Marcelo of Triumph Business Development Ltd.; Kwok Stanley Kar Kuen of Clever Leader Holdings; Chong Mei Sing of the De’ Cove Investments Ltd.; Dmitry S. Stepanov of the PMT Air Corp.; and Skaret Sindre of the Golden Luck Winner Ltd.

http://voanews.com/a/panama-papers-link ... 66941.html

Barang_doa_slae · Post by **Barang_doa_slae** » Wed Jun 08, 2016 9:30 pm

I was quite surprised that only a couple of names had surfaced from the panama papers till now. I quickly browsed the recently published full listing for obvious names but probably too quick as Long should have ring a bell...
Anyway the panama papers are only a drop in the ocean and there must be hundreds or quite possibly thousands of Cambodian individuals in between the different offshore lawyers practices, I can't believe for a sec that this Fonseca company had 25% of the world offshore companies market.

On a similar note, In 2001 I was queuing for a visa cash advance at the Cambodia Commercial Bank main branch (Thai SCB) when a very regular looking Cambodian guy in front of me pulled a UBS platinum card (biggest Swiss bank) for a much larger advance...

Post by **Username Taken** » Wed Jun 08, 2016 9:46 pm

What's the point of the Panama Papers anyway? Are we expected to believe that everyone will be audited and stripped of their assets?

JanKrohn · Post by **JanKrohn** » Thu Jun 09, 2016 10:41 am

Are expected to believe that everyone is treated equally? (Well, according to George Orwell, some might be treated more equally than others.)

SinnSisamouth · Post by **SinnSisamouth** » Thu Jun 09, 2016 10:54 am

wahh its not fair those people have more money than me and therefore the means to grow it.

who gives à shit where they put their money.

you do know that your pensions are often in offshore accounts to save you tax dollars?