An investigation report released by Global Witness has brought to light the shambolic nature of Cambodia’s administration and ruling family, who have amassed huge fortunes with stakes in over a hundred companies in the country’s key sectors valued over $200 million. The Hun family has been accused of using its power to build a business empire for itself.
Everything is a family affair
The Cambodian ruling family has built a vast corporate empire for itself with 27 relatives of Prime Minister Hun Sen and Bun Rany linked to 114 companies in 18 key sectors like telecom, energy, mining and trading. The figures and details have been taken from the official records of the Ministry of Commerce which does not give any information relating to profits or revenues, which means that the actual valuation may be much higher.
The report also mentions that the official paper trail is just the tip of the iceberg and the family might be using proxies to shield a vast majority of the holdings.
No prosecution ever for family members
The report titled “Hostile takeover” has stirred up a huge controversy by mentioning how members of the family have been implicated in several shady deals and operations like $1 billion smuggling rackets, shoot-outs, hit and run cases and land grabs but none have been prosecuted till date.
The report highlights how the Premier’s family have been the key to his political career and hold major posts in military, police, media and politics. This shows the exact magnitude of power that Hun and his family members have in the Asian country. Any kind of revolt is muscled over effortlessly.
Warning for investors
The US is the biggest trade partner for Cambodia with over $3 Billion worth of goods exchanging hands between the two nations. But the report warns existing and future investors to be wary of companies based in Cambodia as many have been involved in alleged land grab deals, environmental damage and malpractices. This comes at a time when Prime Minister Hun Sen is trying to woo foreign investors by projecting Cambodia as an attractive destination.
