Details murky in Environment Ministry Phnom Penh land swap
In 2011, the Environment Ministry entered into a deal with the Ratana Cooperation and Construction company to swap its valuable 2,400-square-meter location on Sihanouk Boulevard in Phnom Penh’s Tonle Bassac commune for a 9,000-square-meter plot of land and a new headquarters 20 km away in the city’s Meanchey district. Now, the ministry says it has returned the land and brand-new headquarters in Meanchey district to the Ratana Cooperation and Construction company. At the same time, the ministry has agreed to let Ratana retain its Sihanouk Boulevard headquarters, which is worth at least $14.4 million, according to property valuation figures from 2013. The ministry now plans to pay $5 million to construct yet another building on state-owned land 1.5 km away from its current location. … The land in Meanchey district now owned by Ratana was valued in 2012 at between $300 and $1,500 per square meter, making it worth at least $2.7 million. Two officials at the Ministry of Environment, who asked for anonymity for fear of retribution, said Thursday that Ratana had paid a cash fee in a land swap deal under the former environment minister, Mok Mareth. …
Khy Sovuthy
http://www.cambodiadaily.com/news/details-murky-in-environment-ministry-phnom-penh-land-swap-53323/
