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Logo of Phnom Penh Post newspaper Phnom Penh Post - Camko City restarts as banking scandals drop

Camko City restarts as banking scandals drop

120828_07

Two men on a motorcycle pass the Camko City development in Phnom Penh in March. Photograph: Hong Menea/Phnom Penh Post

Construction at Camko City, an unfinished, US$2 billion satellite city in northwestern Phnom Penh, has resumed after at least one sentence connecting the mega-project’s chief executive with a Korean banking scandal was dropped.

World City Co Ltd, the company behind Camko City, has resumed the construction of retail space and parks, according to Kheng Ser, assistant to the company’s Chief executive, Lee Sang-ho.

He said residential space was nearly sold out, but could not confirm a completion date for the first phase of the project.

“We do not know when it will be completed. That depends on our investment partners,” Kheng Ser said.

He declined to name the partners, citing a non-disclosure agreement.

In a recent statement issued by World City, the company said all charges involving Lee Sang-ho had been dropped.

“In the end, the Korean appellate court has finally ruled not guilty to Mr. Lee Sang-ho on the rumours by the media,” the statement read.

Local media have reported that Lee Sang-ho and Korean business leader Lee Tae-hwan, also connected with loans from the now-bankrupt Busan Savings Bank, are still serving suspended sentences on embezzlement charges.

Kheng Ser denied that Lee Sang-ho had been convicted of embezzlement charges and said all charges had been dropped.

The New Siem Reap International Airport (NSRIA), originally financed by the Korean bank, has missed two projected ground-breaking dates since April.

Tek Reth Samrach, chairman of the $1 billion project’s steering committee, acknowledged the tardiness of NSRIA Co Ltd.

“They have submitted documents but have not started yet. We must give them more time on such a big project,” he said.

NSRIA CEO Lee Tae-hwan was acquitted of malpractice charges last week, according to local media.

To contact the reporters on this story: Seun Son at son.seun@phnompenhpost.com
Don Weinland at don.weinland@phnompenhpost.com

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