Logo of Phnom Penh Post newspaper Phnom Penh Post - Task force eyes illegal securities activities

Task force eyes illegal securities activities

The reception area of the Cambodia Securities Exchange. The Securities Exchange Commission of Cambodia has announced the creation of a task force to crack down on unlicensed securities operators.
The reception area of the Cambodia Securities Exchange. The Securities Exchange Commission of Cambodia has announced the creation of a task force to crack down on unlicensed securities operators. Heng Chivoan

Task force eyes illegal securities activities

Cambodia's securities regulator has announced the formation of a task force to crack down on unlicensed operators in the securities sector, as well as a hotline for consumers to report any illicit activity.

A 21-member task force will monitor illegal activity in the trading of securities and investigate cases of unlicensed operators, including the source and amount of capital invested in these firms, according to a joint statement from the Securities Exchange Commission of Cambodia (SECC) and the Ministry of Interior issued on Friday.

“The purpose of this group is to protect the public interest and strengthen law enforcement in the securities sector in Cambodia,” the statement read.

Nguon Sokha, secretary of state at the Finance Ministry and former director-general at the National Bank of Cambodia, will head the newly formed group, with members drawn from the Interior Ministry and the SECC.

Apart from monitoring the sector, the group will also investigate and conduct site visits to securities operators who are suspected to be illegal or unlicensed.

The SECC last year flagged three Hong Kong-based investment firms that were soliciting deposits from customers on the promise of receiving high returns, as well as a pyramid scheme run by Phnom Penh-based ProfitPlus, a firm that was operating outside the scope of its licence and defrauded customers.

MOST VIEWED

  • Without shoes or a helmet, a young cyclist steals the show

    Pech Theara gripped the curved handlebars of his rusty old bike, planted his bare feet on its pedals and stormed as fast as he could towards the finish line. The odds were against him as the 13-year-old faced off against kids with nicer bikes at

  • Phnom Penh-Sihanoukville expressway on schedule

    The construction of the more than $1.9 billion Phnom Penh-Sihanoukville Expressway has not been delayed despite the Covid-19 pandemic, with more than 26 per cent of the project completed and expected to finish in about two years, according to Ministry of Public Works and Transport secretary of

  • Singapore group seeks $14M in damages from PPSP over ‘breach of contract’

    Singapore-based Asiatic Group (Holdings) Ltd is seeking a minimum of $14.4 million relief from Cambodia Securities Exchange (CSX)-listed Phnom Penh Special Economic Zone Plc (PPSP) for allegedly breaching a power plant joint venture (JV) agreement. Asiatic Group’s wholly-owned Colben System Pte Ltd and 95 per

  • Over 110 garment factories close

    A government official said on November 22 that at least 110 garment factories had closed in the first nine months of the year and left more than 55,000 workers without jobs – but union leaders worry those numbers could be much higher. Ministry of Labour and Vocational Training undersecretary

  • PM dispels lockdown rumours, gifts masks

    Prime Minister Hun Sen on November 12 denied rumours that he will lock down the country in response to increased Covid-19 fears, referring to them as propaganda aimed at destabilising the country. In a Facebook post, he said some people had spread rumours that the government

  • SilkAir adds flight to Phnom Penh schedule

    Silkair (Singapore) Pte Ltd is increasing its flight frequency between Phnom Penh and Singapore with a third weekly flight on Saturdays, according to Cambodia Airports’ Facebook page. The other flights offered are on Tuesdays and Sundays, with an estimated Phnom Penh arrival time at 5:35pm