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