Report Details First Family’s Business Empire
Posted: 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.”
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 HM; 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/
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.”
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 HM; 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/