Appeal Begins in Cambodia-Related Fraud Case
An appeal hearing in South Korea involving the CEOs behind two major property projects in Cambodia involved in a massive fraud scandal is scheduled to begin today, an official at the court in Seoul said. In February, a Seoul court sentenced a raft of executives of Busan Savings Bank to jail terms after a scandal over fraudulent loans that saw the bank declare bankruptcy last year. Lee Tae-hwan, the CEO of NSRIA Co. Ltd., the firm behind a billion dollar airport project in Siem Reap, and Lee Sang-ho, CEO of World City Co. Ltd., which is behind the stalled CamKo City development in Phnom Penh, were jailed for seven and five years respectively for their roles in obtaining illegal loans for the projects. …
