Cambodia-Linked Investors Sentenced in Seoul
The chief executives of the firms behind two large-scale real-estate projects in Cambodia have been sentenced to jail in Seoul for obtaining illegal loans and using the money to finance fictitious companies abroad, according to a South Korean court official. The two executives were among a long list of officials at the Busan Savings Bank that were sentenced last month in South Korea for their involvement in allocating illegal loans and paying government officials to cover it up. Lee Sang-ho, CEO of World City Co Ltd – the firm behind the $2 billion CamKo satellite city in Phnom Penh’s Russei Keo district, which is currently stalled – was sentenced to five years in prison on Feb 21, Cho Won-Kyong, information officer at the Seoul Central District Court, said in an email on Wednesday. The second man to be sentenced was Lee Tae-hwan, CEO of NSRIA Co Ltd, which is behind a $1 billion airport project in Siem Reap province, which has not yet broken ground, Mr. Cho said. …
