CAMBODIAS TOP TEN TYCOONS Pung Kheav Se: “Banking Pioneer” --------------------------------------- ¶18. (SBU) A soft-spoken Cambodian of Chinese ethnicity, Pung Kheav Se was born in 1946 in Phnom Penh. He is one of the most well-known bankers in Cambodia. Pung Kheav Se fled Cambodia in the late 1970s to Montreal, Canada, where he made a fortune buying gold from the central bank and reselling it at a profit. As the founder of Canadia Bank, the largest bank in the country, he holds one-fourth of the nation’s bank deposits. He is the owner of the Independence Beach Resort Hotel in Sihanoukville as well as the new upscale Sorya Shopping Center in Phnom Penh. He is also currently the chairman of Cambodia’s Foreign Trade Bank and the Association of Banks in Cambodia, an advisor to Prime Minister Hun Sen, and an advisory member of the Cambodian Chamber of Commerce. He speaks Khmer, English and Chinese. ¶19. (SBU) Comment: Cambodia’s tycoons are a close-knit and powerful group, who often share involvement in charitable activities like the Cambodian Red Cross and are further bound together by marriages and business partnerships. Many have been awarded the honorary title of “Okhna” which over the last five years has been bestowed on those who have contributed large sums of money to the government’s coalition parties, CPP and FUNCINPEC. (Most of these donations appear to have gone towards the CPP party.) Another striking aspect of this network is the active involvement of the spouses of government and business officials who are significant shareholders in various businesses. Hun Sen’s relationship to this group is both symbiotic and self-limiting. The tycoons help to finance the CPP, contribute greatly to economic growth, and undertake important charitable work such as the construction of schools and hospitals, while reaping the benefits of close government ties. Hun Sen announced a “war on corruption” in 2004, which was aimed at legal, judicial, and public administration reform. However, Hun Sen’s very reliance on his tycoon network may hinder progress in battling corruption, illegal logging, and other sensitive issues that he claims are priorities. End Comment. CAMPBELL Labels: Kith Meng, Kok An, Lao Meng Khin, Lim Chhiv Ho, Ly Yong Phat, Mong Reththy, Prime Minister Hun Sen, Pung Kheav S, Sok Kong, Sy Kong Triv, Yeay Phu
Posted on: Thu, 30 Jan 2014 07:21:41 +0000
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