Logo of Phnom Penh Post newspaper Phnom Penh Post - US returns assets

US returns assets

US returns assets

A FTER almost 20 years on ice , the US government has returned nearly $24 million in assets to the Cambodian government which were frozen in US banks when the Khmer Rouge took power in 1975.

"The United States has agreed to release assets including approximately $24 million and two diplomatic properties," said US Embassy spokesman Dave Miller on Nov 15.

Miller added that "negotiations on this issue were concluded and an agreement signed on Oct 6, 1994. The agreement called for assets to be released in 30 days."

The agreement included payments to several US-based claimants who had lost property in Cambodia after the KR takeover .

Once source familiar with the issue but who declined to be named said that as much as $6 million was paid to the owner of an airline called SEAT which was operating during the Lon Nol era and who had lost several aircraft in April 1975.

It is believed the two properties were those which belonged to the Lon Nol government in Washington DC and that they have now been turned over the Cambodian embassy, facilitating the government's ability to establish a fully-functioning diplomatic mission there.

MOST VIEWED

  • Ministers to tackle sea pollutants

    Preah Sihanouk provincial authorities and members of local communities have collected 77 tonnes of water hyacinth at a Sihanoukville beach, Preah Sihanouk Provincial Hall spokesperson Or Saroeun said. He told The Post yesterday that the aquatic weeds had been floating along some of the province’s

  • Negotiations on EBA being held

    In an effort to defuse tensions, a senior government official said Cambodia is negotiating with the European Union (EU) on the Everything But Arms (EBA) trade deal, which allows the Kingdom to export goods to the 28-member bloc tariff-free. The EU notified Cambodia on October 5

  • Chinese police escort deported scam suspects

    Ninety-one Chinese nationals accused of extorting money from victims in a Voice over Internet Protocol (VoIP) scam were deported from Phnom Penh International Airport on Monday under the escort of 182 Chinese police personnel. General Department of Immigration head of investigations Ouk Hay Seila told reporters

  • EU timber deal in firing line

    A committee of more than 20 national and international organisations filed a petition to the EU on October 10 to prevent it from signing a timber trade agreement with Vietnam, noting that the deal would be disastrous to the Kingdom’s forests. The petition claims Vietnamese timber