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

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Angkor photo rules clarified

    The Apsara National Authority (ANA) denied that it had banned the use of camera tripods in the Angkor Archaeological Park, explaining that the confusion stemmed from a long-standing rule which required commercial photographers and videographers to apply for permission to film. The explanation followed a

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At