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Logo of Phnom Penh Post newspaper Phnom Penh Post - Kingdom officials in on Busan probe: report

Kingdom officials in on Busan probe: report

South Korea’s Yonhap news agency reported yesterday that Cambodian officials have agreed to assist in the investigation of a scandal-ridden South Korean savings bank with investments in the Kingdom. Officials in Phnom Penh, however, were unable to verify the report. A South Korean investigation has revealed that bank executives and shareholders used deposits to fund a variety of projects, reportedly including the US$2 billion Camko City real estate development in Phnom Penh. Sam Pracheameanith, director of the cabinet at the Ministry of Justice, said he had no information on any agreement, as did Kang Young-shin, an economic counsellor at the South Korean embassy.

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