South Korea’s Daegu Bank has snapped up a 100 percent stake in Cam Capital, the Kingdom’s second-largest specialised bank in terms of assets, for $63.2 million, Korean media reported yesterday. Daegu Bank announced the acquisition in a regulatory filing to Korean authorities on October 18, marking the bank’s third overseas investment after expanding into China and Vietnam. The National Bank of Cambodia (NBC) – the Kingdom’s financial regulator – could not be reached for comment yesterday to confirm if the sale had been given the green light.
A Swedish diplomat yesterday warned that the potential dissolution of the Cambodia National Rescue Party could lead the Scandinavian country to rethink its relationship with the Kingdom, though she didn’t detail which actions were on the table. Annika Ben David, Sweden’s ambassador for human rights, yesterday concluded a visit to Cambodia that included a bilateral dialogue with the government, where she expressed deep concern at the unfolding political events in the country.
Prominent members of Cambodia’s military came out in force yesterday to condemn former opposition leader Sam Rainsy as a traitor, with the Ministry of Defence preparing to file a lawsuit against the dissident in exile. Rainsy yesterday said his words from a 2011 speech – characterised on Wednesday by Prime Minister Hun Sen as a call for the army to turn their guns on the government – had “been distorted and taken out of their context”. In a video clip of the speech posted on government mouthpiece Fresh News, Rainsy describes how the situation is ripe for “rebellion to break out”, adding that “most of the armed forces are from poor Cambodians and they received less salary and cannot live with that”. “It is the appeal of the Sam Rainsy Party. I, Sam Rainsy, call for Cambodians, armed forces, to jointly overthrow Hun Sen from the traitor’s regime. We need to end it right now.”
One of Cambodia’s largest conglomerates is reviving plans for the Kingdom’s first communications satellite, with hopes of launching by 2021 with assistance from China. Im Vutha, spokesman for the Telecommunication Regulator of Cambodia, said tycoon Kith Meng’s Royal Group will spend a year conducting a feasibility study before beginning work on the satellite. Royal Group has partnered with state-owned China Great Wall Industry Corporation, which helped Laos launch its first satellite in 2015. “It will take a lot of time – seven years by international standards,” Vutha said. “But this company said they may take three years only because they have experience with Laos already.” Prime Minister Hun Sen has pushed for a Cambodian-owned satellite for years.
Following last week's events, when Prime Minister Hun Sen proposed redistributing the Cambodia National Rescue Party’s National Assembly seats among minor opposition parties, the controversial amendments were passed a
The Indigenous People's Lodge in the lush highlands of Mondulkiri, one of the Kingdom's most sparsely populated provinces, offers of a taste of traditional life.
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Cambodia National Rescue Party supporters gathered outside the Appeal Court in Phnom Penh early this morning in support of imprisoned party leader Kem Sokha.
Post Weekend in collaboration with Le Petit Journal - Cambodge got an exclusive look behind the scenes of the Royal Ballet of Cambodia, as they travelled to Hong Kong for their debut in the ci
National Police statistics yesterday showed an 11 percent increase in road traffic deaths in the first nine months of the year but a small decrease in injuries.
Rouse, a UK-based intellectual property (IP) consultancy firm, opened its first dedicated office in Phnom Penh earlier this week to offer strategic portfolio management reviews, handle IP disputes and support enforcement services for lar
With the race for the four playoff places in the Metfone C-League tightening considerably, leaders Preah Khan Reach Svay Rieng travel to Old Stadium on Saturday to face NagaWorld in a crucial encounter that could have a profound bearing
One tourist had an iron grip on their phone in Phnom Penh’s Daun Penh district on Wednesday when a thief failed to snatch it and was arrested.
Before arranging a meeting in a Phnom Penh coffeeshop, Chamnap Chhun laid out a list of what to avoid: pictures, mention of age, legal name and hometown.
Following last week's events, when Prime Minister Hun Sen proposed redistributing the Cambodia Na