Skyscraper’s woes continue

The saga of the stalled $240 million Gold Tower 42 was revived last week when it emerged that a supplier for the project had accused the owner and builder of failing to pay out nearly $500,000 in fees, according to an injunction request obtained by the Post. In a complaint sent to the Phnom Penh Municipal Court on May 7, South Korea-owned subcontractor Do Best Khmer Ltd requested a seizure of assets in the amount it says it is owed from the tower’s builder, Hanil Engineering & Construction, and the tower’s owner, Yon Woo (Cambodia). Both companies also have operations in South Korea. ... The progress of the tower has been shrouded in secrecy since  work stopped a few years ago. In December, a crane was removed from the top of the building without any official explanation, and one of Do Best Khmer’s orders dates to earlier this year. ... South Korea was the largest investor in Cambodia last year, with about $287 million injected, 12.5 per cent of the total foreign direct investment, according to data from the Council for the Development of Cambodia. ...

http://www.phnompenhpost.com/2013061866319/Business/skyscraper-s-woes-continue.html