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Daegu pays $63M for Cam Capital

A man exits an ATM in Phnom Penh.

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.

Sweden worried over CNRP’s dissolution

Annika Ben David (right), Sweden’s ambassador for human rights, attends a meeting with Keo Remy, head of the government’s Cambodian Human Rights Committee, on Wednesday in Phnom Penh.

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.

Rainsy targeted for ‘incitement’

Defence Minister Tea Banh (centre) attends a meeting of military officials on Monday where he lashed out at ex-opposition leader Sam Rainsy.

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.”

Plans for satellite in the works yet again

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.

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