Singapore's Oxley Holdings desperately seeks way out of Cambodia woes
Singapore's Oxley Holdings desperately seeks way out of Cambodia woes
It's a two week old article, but I don't think it was ever reported here.
Singapore's Oxley Holdings desperately seeks way out of Cambodia woes
(Oxley’s prime project in Phnom Penh is The Peak)
A few excerpts:
But it wasn’t all hunky-dory in this [...] nation either, Cambodian property prices have fallen by as much as 33% since the government announced an August 2019 ban on mainly Chinese-run online gambling operations.
Squeezed further by defaulting buyers and banks refusing to release progressive payments so as to cover market price falls, CEO Ching had become so desperate that he opted to secure a white knight as a way out of Oxley’s financial burdens. A trusted source close to Oxley’s top management revealed CEO Ching had been forced to swallow his pride to accept a deal he would have otherwise walked away from, simply to obtain a cash lifeline.
All these hiccups had angered WorldBridge founder-chairman Oknha Rithy Sear, said a source close to this Cambodian firm’s top management. This source revealed Oknha had come close to breaking up with Oxley several times [...]. When CRUCG was appointed and Oxley had to admit to further delays, Oknha was seen to loudly berate Oxley CEO Ching
The full article in The Asian Report: https://theasianreport.com/singapore-fi ... odia-woes/
Singapore's Oxley Holdings desperately seeks way out of Cambodia woes
(Oxley’s prime project in Phnom Penh is The Peak)
A few excerpts:
But it wasn’t all hunky-dory in this [...] nation either, Cambodian property prices have fallen by as much as 33% since the government announced an August 2019 ban on mainly Chinese-run online gambling operations.
Squeezed further by defaulting buyers and banks refusing to release progressive payments so as to cover market price falls, CEO Ching had become so desperate that he opted to secure a white knight as a way out of Oxley’s financial burdens. A trusted source close to Oxley’s top management revealed CEO Ching had been forced to swallow his pride to accept a deal he would have otherwise walked away from, simply to obtain a cash lifeline.
All these hiccups had angered WorldBridge founder-chairman Oknha Rithy Sear, said a source close to this Cambodian firm’s top management. This source revealed Oknha had come close to breaking up with Oxley several times [...]. When CRUCG was appointed and Oxley had to admit to further delays, Oknha was seen to loudly berate Oxley CEO Ching
The full article in The Asian Report: https://theasianreport.com/singapore-fi ... odia-woes/
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Re: Singapore's Oxley Holdings desperately seeks way out of Cambodia woes
Thread here on Oxley and the other companies involved in The Peak construction in Phnom Penh: newsworthy/phnom-penh-construction-work ... 33350.html
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