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SK delegation to seek $577M settlement over Camko City project

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The Camko City development project, located in the capital’s Tuol Sangke II commune, broke ground in 2007, with many developments including villas, condominiums and shops. Hong Menea

SK delegation to seek $577M settlement over Camko City project

The South Korean Prime Minister’s cabinet is expected to lead a working-group to Cambodia in mid-November to meet with Prime Minister Hun Sen regarding Busan Mutual Savings Bank’s 670 billion won ($577 million) settlement over the Camko City satellite development project, the Maeil Business Newspaper said.

The visit comes after Yoo Dong-soo, assistant to the State Affairs Committee and a member of the Democratic Party of South Korea (DPK), on October 16 requested the cabinet seek relief for 38,891 of the bank’s victims, the Maeil Business Newspaper reported.

The visit is expected to take place ahead of the Cambodia-Korea summit, which is scheduled to be held on the sidelines of the Korea-Asean summit later this month. The “Normalisation of the Camko City project” will be at the top of the summit’s agenda.

The delegation will comprise of senior officials from government bodies such as the cabinet, the Ministry of Foreign Affairs, the Financial Services Commission, Supreme Prosecutors’ Office and the Busan municipal government.

The Camko City development project, located in the capital’s Tuol Sangke II commune, broke ground in 2007, with many developments including villas, condominiums and shops.

Camko City is one of seven satellite city projects in Phnom Penh, which include Grand Phnom Penh, Chroy Changvar, Koh Pich, Boeung Kak, Ly Yong Phat and ING City.

Government spokesman Phay Siphan could not be reached for comment on Monday.

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