PHNOM PENH (Khmer Times): Cambodian ruler King Norodom Sihamoni, King of Cambodia, has ordered the termination of the title of “Oknha” from Hy Kimhong, a businessman accused of being complicit in a multi-million fraud case.
The King issued Royal Decree last month.
Hy, Chairman of the Board of Piphup Deimeas Investment Co., Ltd. (Piphup Deimeas Investment Co., Ltd.) is accused of being complicit in a US$100 million land fraud that has affected thousands of Cambodian families.
Hy has been charged by Phnom Penh Municipal Court Deputy Prosecutor Seng Heang with “aggravated fraud” under Article 380 of the Penal Code.
Kampot Provincial Police Chief Major General Mao Chanmathurith stated that on August 9 2023, 1,105 families in the province filed complaints against the company over the alleged investment fraud.
Most of the victims borrowed the money from banks to invest in the company’s land project, in order to gain a monthly return on their investment. They never received any payment from the company, causing them to get into debt with the banks, Maj Gen Chanmathurith said.
Kong Seklang, one of the victims and representative for claimants from Kampong Cham province, said that about 200 people travelled from various provinces to the Municipal Court and also lodged their lawsuit against the alleged fraud.
The fraud is estimated to involve more than US$100 million, he added. - Khmer Times
