Hundreds file suit over EBC $46M investment fraud

Cambodia news in English! Here you'll find all the breaking news from Cambodia translated into English for our international readership and expat community to read and comment on. The majority of our news stories are gathered from the local Khmer newspapers, but we also bring you newsworthy media from Cambodia before you read them anywhere else. Because of the huge population of the capital city, most articles are from Phnom Penh, but Siem Reap, Sihanoukville, and Kampot often make the headlines as well. We report on all arrests and deaths of foreigners in Cambodia, and the details often come from the Cambodian police or local Khmer journalists. As an ASEAN news outlet, we also publish regional news and events from our neighboring countries. We also share local Khmer news stories that you won't find in English anywhere else. If you're looking for a certain article, you may use our site's search feature to find it quickly.
User avatar
CEOCambodiaNews
Expatriate
Posts: 62322
Joined: Sun Oct 12, 2014 5:13 am
Reputation: 4033
Location: CEO Newsroom in Phnom Penh, Cambodia
Contact:
Cambodia

Hundreds file suit over EBC $46M investment fraud

Post by CEOCambodiaNews »

Hundreds file lawsuit over fraud worth $46M
Tue, 9 May 2017
Several hundred people from across Cambodia descended on the capital yesterday to file a lawsuit against the former heads of the Hong Kong-registered Empire Big Capital (EBC), an investment firm whose allegedly fraudulent practices robbed them of a collective $46 million, victims say.
In February, some 200 people demonstrated in Phnom Penh to demand the arrest of Malaysian national Sean Tan, a former chief officer at EBC.

Yesterday morning, more than 300 people gathered in front of the Phnom Penh Municipal Court to file a complaint against Tan, Huot Sovann, and Chi Gosaly, the three former heads of EBC.
In addition to returning the alleged $46 million in deposits they lost, the victims also want $20 million in compensation. Soueng Panith, an organiser at the demonstration, claimed the scam affected 15,000 families.

Attracted by promises of 10 percent returns each month, Kampong Speu resident Mea Chhel said he invested $14,000 with EBC, only to see the returns, along with his investment, vanish.
“I borrowed some money from banks [to invest]. But after I got the returns for two months, the company disappeared. Now, I am working as a security guard to get money to pay the banks’ interest,” he said...
http://www.phnompenhpost.com/national/h ... -worth-46m
Join the Cambodia Expats Online Telegram Channel: https://t.me/CambodiaExpatsOnline

Cambodia Expats Online: Bringing you breaking news from Cambodia before you read it anywhere else!

Have a story or an anonymous news tip for CEO? Need advertising? CONTACT US

Cambodia Expats Online is the most popular community in the country. JOIN TODAY

Follow CEO on social media:

Facebook
Twitter
YouTube
Instagram
User avatar
AE86
Expatriate
Posts: 954
Joined: Mon Oct 06, 2014 8:36 am
Reputation: 139
Japan

Re: Hundreds file suit over EBC $46M investment fraud

Post by AE86 »

CEOCambodiaNews wrote: Tue May 09, 2017 6:22 pm “I borrowed some money from banks [to invest]...” he said...
Greedy bastard.
-insert signature here
User avatar
ExPenhMan
Expatriate
Posts: 1872
Joined: Sun May 18, 2014 7:42 pm
Reputation: 977
Location: Bangkok
Canada

Re: Hundreds file suit over EBC $46M investment fraud

Post by ExPenhMan »

Theses scam artists keep offering these ponzi schemes because people keep buying the BS and putting ALL of their money on the one number. Crazy. There's a long thread over on thaivisa today from a guy who lost millions, as did others, in the huge LM fiasco in Australia. He's having to pick up what's left and go back to the UK at age 70. Poor guy, actually, but he wrote his own bad luck script.
User avatar
StroppyChops
The Missionary Man
Posts: 10598
Joined: Tue May 06, 2014 11:24 am
Reputation: 1032
Australia

Re: Hundreds file suit over EBC $46M investment fraud

Post by StroppyChops »

ExPenhMan wrote: Tue May 09, 2017 7:35 pm Theses scam artists keep offering these ponzi schemes because people keep buying the BS and putting ALL of their money on the one number. Crazy.
What's that one number? I'm asking for a friend...
Bodge: This ain't Kansas, and the neighbours ate Toto!
Luigi
Expatriate
Posts: 1967
Joined: Thu Apr 30, 2015 6:12 pm
Reputation: 111

Re: Hundreds file suit over EBC $46M investment fraud

Post by Luigi »

One Is The Loneliest Number - Three Dog Night (Lyrics) - YouTube

:popcorn:
User avatar
ExPenhMan
Expatriate
Posts: 1872
Joined: Sun May 18, 2014 7:42 pm
Reputation: 977
Location: Bangkok
Canada

Re: Hundreds file suit over EBC $46M investment fraud

Post by ExPenhMan »

StroppyChops wrote: Tue May 09, 2017 11:10 pm
ExPenhMan wrote: Tue May 09, 2017 7:35 pm Theses scam artists keep offering these ponzi schemes because people keep buying the BS and putting ALL of their money on the one number. Crazy.
What's that one number? I'm asking for a friend...
The answer to everything is 42.
User avatar
StroppyChops
The Missionary Man
Posts: 10598
Joined: Tue May 06, 2014 11:24 am
Reputation: 1032
Australia

Re: Hundreds file suit over EBC $46M investment fraud

Post by StroppyChops »

ExPenhMan wrote: Wed May 10, 2017 10:20 am
StroppyChops wrote: Tue May 09, 2017 11:10 pm
ExPenhMan wrote: Tue May 09, 2017 7:35 pm Theses scam artists keep offering these ponzi schemes because people keep buying the BS and putting ALL of their money on the one number. Crazy.
What's that one number? I'm asking for a friend...
The answer to everything is 42.
Correct.
Bodge: This ain't Kansas, and the neighbours ate Toto!
Post Reply Previous topicNext topic
  • Similar Topics
    Replies
    Views
    Last post

Who is online

Users browsing this forum: Lost50 and 809 guests