16 December 2008
All Korean-conducted land development projects have been stopped (2)
Over the last few years the most grandiose land development projects have been conducted by not-so-well-known companies from South Korea. Because of the fallout from the global financial crisis and a serious downward revision of Cambodia's economic prospects coupled with the sharp fall in land prices, the cash-strapped Korean companies have abandoned all their projects in Cambodia. These include mega projects such as CamKo City in the North of Phnom Penh (only one tranche out of four will be completed), the 42-storey Golden Tower on Monivong Boulevard, and International Financial Complex on Sothearos Boulevard, next to the Russian Embassy. The concerned companies keep denying their decision to leave Cambodia in order to avoid a panic from customers who have "bought" their to-be-built houses or condominiums and made down payments, but works on the spot have practically come to a standstill.
Top managers of Hong Kong-based Tak Fat company are in hiding in Cambodia (2)
In addition to "Garment manufacturer Tack Fat has gone bankrupt" as published by Khmer Intelligence News on 13 October 2008, we have learned that the company's top managers are now in hiding in Cambodia to escape prosecution in Hong Kong. Shareholders have been swindled and the unscrupulous managers have fled to Cambodia with the company's cash. Criminals who can pay bribes, or are financial cronies, to Cambodia's political leaders enjoy impunity in this country. The wife of a powerful man here holds a significant stake in Tak Fat's Cambodian subsidiary, which used to provide the mother company in Hong Kong with fake certificates of origin, with the complicity of the Ministry of Commerce, allowing fraudulent garment exports from China to the USA using the label "Made in Cambodia."
Gasoline price to decrease from 3,200 riels to 2,800 riels per liter (3)
Crude oil price on the international market is now at US$44 per barrel (1 barrel = 159 liters), down 70 percent from a peak of US$147 a barrel on July 11, 2008. At that time, the retail price of gasoline in Cambodia was 5,600 riels per liter. It should now drop to 2,800 riels per liter (- 50 percent from its highest level), instead of 3,200 riels now, if Cambodian gasoline distribution companies were to pass on to consumers the recent decrease in their supply cost as reflected in the fall in international crude oil price. The exchange rate has remained practically unchanged over the last 18 months with US$1 being equivalent to approximately 4,060 riels.
CPP would lose their two-thirds majority with UNTAC formula (1)
Cambodia has implemented a proportional representation system for all elections hold over the last fifteen years. In the UN-organized election in 1993, UNTAC used the greatest-remainder formula. But since 1998, the CPP authorities have arbitrarily and surreptitiously switched to the largest-average formula, which favours large political parties. Minor parties generally fare better under the greatest-remainder formula than under the largest-average formula.
If the greatest-remainder formula (known as UNTAC formula in Cambodia) were used for the last July 2008 election, the results in terms of National Assembly seats allocated to each party would be as follows:
- CPP: down from 90 to 76 (minus 14 seats lost to SRP, HRP, FCP and NRP).
- SRP: up from 26 to 29 (3 extra seats won from CPP in Prey Veng, Pursat and Svay Rieng provinces).
- HRP: up from 3 to 7 (4 extra seats won from CPP in Phnom Penh and in Kampong Cham, Kampong Speu and Takeo provinces).
- FCP: up from 2 to 6 (4 extra seats won from CPP in Battambang, Kampong Cham, Kampong Chhnang and Siem Reap provinces).
- NRP: up from 2 to 5 (3 extra seats won from CPP in Kampong Thom, Kampot and Kandal provinces).
The CPP would have been unable to secure their current two-thirds majority (over 82 seats out of 123) in the National Assembly.
Hor Namhong's revelations to the French Court (2)
In relation to the defamation lawsuit he has filed against opposition leader Sam Rainsy before the French Court (details at http://tinyurl.com/6d6an5) Foreign Minister Hor Namhong gave interesting information to French judges at a public hearing in Paris on December 9.
Asked why several members of the royal family, including retired King Norodom Sihanouk and former prisoners, have complained about his behaviour as "chief" of the Khmer Rouge Boeng Trabek re-education camp in 1977-1978, he replied this was because of "rivalries" among prisoners. He therefore acknowledged that the situation was more complex than what he first admitted (the "bad" Khmer Rouge on the one hand and the "good" prisoners on the other). He first denied that denunciations by a prisoner of another prisoner could lead to the second one being "taken away" by the Khmer Rouge, but he subsequently admitted that, through denunciations, he could have eliminated all his "rivals", implying he did manage to eliminate at least some of them.
Another revelation made by Hor Namhong: all those, especially journalists, who have alleged in Cambodia that he had been involved in any wrongdoings, could get away with the Cambodian Court only by fleeing the country, like American reporter Kelly McEvers from The Cambodia Daily, or by making apologies to him, like McEvers's Cambodian colleague Thet Sambath and opposition journalist Dam Sith. He accused The Cambodia Daily of being "pro-opposition."
See also Khmer Intelligence News dated 10 October 2008: "Hor Namhong gave false information about Princess Nanette and Prince Sisowath Methavy."
KHMER INTELLIGENCE NEWS - 10 October 2008
Hor Namhong gave false information about Princess Nanette and Prince Sisowath Methavy (2)
French weekly Le Journal du Dimanche, July 23, 1989, quoted [then Prince now] King Father Norodom Sihanouk as declaring, "Hor Nam Hong, former commander of a Khmer Rouge concentration camp [Boeng Trabek detention camp], is responsible for the death, after atrocious tortures, of many former members of the anti-American Resistance, such as my cousin Prince Sisowath Methavy, and his spouse [Princess Nanette], the elder sister of my wife [now Queen Mother Norodom Monineath Sihanouk]."
Princess Sisowath Nanette arrived at Boeng Trabek camp in October 1977, directly from France, to join her husband Prince Sisowath Methavy who had returned to Cambodia since 1976, only one year after the Khmer Rouge take over. Following a short stay in Chraing Chamres, Prince Methavy was sent to Boeng Trabek camp in February 1977. Princess Nanette actually lived in Boeng Trabek camp for only six months before she and her husband were taken away to be executed in April 1978. This is confirmed by many surviving prisoners from the three sections of Boeng Trabek camp (B30, B31 and B32), who all confirm that they last saw Princess Nanette and her husband around the Cambodian New Year that took place in April 1978.
In an interview published in Khmer-language newspaper Rasmei Kampuchea, April 23, 2008, Hor Nam Hong says the Sisowath couple lived with him "until the end of 1978" before being taken away and killed by the Khmer Rouge. However, surviving witnesses say that the Khmer Rouge had stopped taking away and killing Boeng Trabek prisoners since August-September 1978, when living conditions suddenly started to improve as the Pol Pot regime tried to mobilize all Cambodian forces to counter increasing pressure from Vietnamese troops.
The late CPP Justice Minister Chem Sgnuon, who was detained at Boeng Trabek camp until Vietnamese troops arrived in January 1979, used to tell many people how cruel Hor Nam Hong was when he was the Khmer Rouge-appointed camp chief. Chem Snguon avoided talking with Hor Nam Hong because of this bitter past.
KHMER INTELLIGENCE NEWS - 13 October 2008
Garment manufacturer Tack Fat has gone bankrupt (1)
The Hong Kong-based daily newspaper South China Morning Post, October 8, 2008, confirmed that Tack Fat Group International, a well-known firm listed on the Hong Kong Stock Exchange and the parent company of Tack Fat Garment (Cambodia) Ltd, a major garment manufacturer in this country, has gone bankrupt. The news reads as follows, "Last month [September 2008], banks applied to wind up (…) swimwear maker Tack Fat International Group after [it] defaulted on loans." Tack Fat becomes the second "collapse of a Hong Kong-listed retailer amid the financial meltdown."
According to a business analysis, "Tack Fat Group's principal activities are designing and manufacturing of jeans, pants, shorts, swimming apparel and sportswear for men, women and children. Other activity includes investment holding. The Group has three production facilities, one of which is located in Luoding City, Guandong Province, the People's Republic of China and the other two of which are located in Phnom Penh, Cambodia. The majority of the Group's products are exported to the North American, European markets and other regions." http://tinyurl.com/3mpvvl
A September 16, 2008 statement by the Group's "Provisional Liquidators Appointed" specifies, "The place of incorporation of the Company is in Cayman Islands and the shares [were] suspended for trading since 9:30am, 30 July 2008." http://tinyurl.com/3lgb8a
Information about Tack Fat Garment (Cambodia) Ltd can be obtained at http://tinyurl.com/437q8l
[End]
All Korean-conducted land development projects have been stopped (2)
Over the last few years the most grandiose land development projects have been conducted by not-so-well-known companies from South Korea. Because of the fallout from the global financial crisis and a serious downward revision of Cambodia's economic prospects coupled with the sharp fall in land prices, the cash-strapped Korean companies have abandoned all their projects in Cambodia. These include mega projects such as CamKo City in the North of Phnom Penh (only one tranche out of four will be completed), the 42-storey Golden Tower on Monivong Boulevard, and International Financial Complex on Sothearos Boulevard, next to the Russian Embassy. The concerned companies keep denying their decision to leave Cambodia in order to avoid a panic from customers who have "bought" their to-be-built houses or condominiums and made down payments, but works on the spot have practically come to a standstill.
Top managers of Hong Kong-based Tak Fat company are in hiding in Cambodia (2)
In addition to "Garment manufacturer Tack Fat has gone bankrupt" as published by Khmer Intelligence News on 13 October 2008, we have learned that the company's top managers are now in hiding in Cambodia to escape prosecution in Hong Kong. Shareholders have been swindled and the unscrupulous managers have fled to Cambodia with the company's cash. Criminals who can pay bribes, or are financial cronies, to Cambodia's political leaders enjoy impunity in this country. The wife of a powerful man here holds a significant stake in Tak Fat's Cambodian subsidiary, which used to provide the mother company in Hong Kong with fake certificates of origin, with the complicity of the Ministry of Commerce, allowing fraudulent garment exports from China to the USA using the label "Made in Cambodia."
Gasoline price to decrease from 3,200 riels to 2,800 riels per liter (3)
Crude oil price on the international market is now at US$44 per barrel (1 barrel = 159 liters), down 70 percent from a peak of US$147 a barrel on July 11, 2008. At that time, the retail price of gasoline in Cambodia was 5,600 riels per liter. It should now drop to 2,800 riels per liter (- 50 percent from its highest level), instead of 3,200 riels now, if Cambodian gasoline distribution companies were to pass on to consumers the recent decrease in their supply cost as reflected in the fall in international crude oil price. The exchange rate has remained practically unchanged over the last 18 months with US$1 being equivalent to approximately 4,060 riels.
CPP would lose their two-thirds majority with UNTAC formula (1)
Cambodia has implemented a proportional representation system for all elections hold over the last fifteen years. In the UN-organized election in 1993, UNTAC used the greatest-remainder formula. But since 1998, the CPP authorities have arbitrarily and surreptitiously switched to the largest-average formula, which favours large political parties. Minor parties generally fare better under the greatest-remainder formula than under the largest-average formula.
If the greatest-remainder formula (known as UNTAC formula in Cambodia) were used for the last July 2008 election, the results in terms of National Assembly seats allocated to each party would be as follows:
- CPP: down from 90 to 76 (minus 14 seats lost to SRP, HRP, FCP and NRP).
- SRP: up from 26 to 29 (3 extra seats won from CPP in Prey Veng, Pursat and Svay Rieng provinces).
- HRP: up from 3 to 7 (4 extra seats won from CPP in Phnom Penh and in Kampong Cham, Kampong Speu and Takeo provinces).
- FCP: up from 2 to 6 (4 extra seats won from CPP in Battambang, Kampong Cham, Kampong Chhnang and Siem Reap provinces).
- NRP: up from 2 to 5 (3 extra seats won from CPP in Kampong Thom, Kampot and Kandal provinces).
The CPP would have been unable to secure their current two-thirds majority (over 82 seats out of 123) in the National Assembly.
Hor Namhong's revelations to the French Court (2)
In relation to the defamation lawsuit he has filed against opposition leader Sam Rainsy before the French Court (details at http://tinyurl.com/6d6an5) Foreign Minister Hor Namhong gave interesting information to French judges at a public hearing in Paris on December 9.
Asked why several members of the royal family, including retired King Norodom Sihanouk and former prisoners, have complained about his behaviour as "chief" of the Khmer Rouge Boeng Trabek re-education camp in 1977-1978, he replied this was because of "rivalries" among prisoners. He therefore acknowledged that the situation was more complex than what he first admitted (the "bad" Khmer Rouge on the one hand and the "good" prisoners on the other). He first denied that denunciations by a prisoner of another prisoner could lead to the second one being "taken away" by the Khmer Rouge, but he subsequently admitted that, through denunciations, he could have eliminated all his "rivals", implying he did manage to eliminate at least some of them.
Another revelation made by Hor Namhong: all those, especially journalists, who have alleged in Cambodia that he had been involved in any wrongdoings, could get away with the Cambodian Court only by fleeing the country, like American reporter Kelly McEvers from The Cambodia Daily, or by making apologies to him, like McEvers's Cambodian colleague Thet Sambath and opposition journalist Dam Sith. He accused The Cambodia Daily of being "pro-opposition."
See also Khmer Intelligence News dated 10 October 2008: "Hor Namhong gave false information about Princess Nanette and Prince Sisowath Methavy."
KHMER INTELLIGENCE NEWS - 10 October 2008
Hor Namhong gave false information about Princess Nanette and Prince Sisowath Methavy (2)
French weekly Le Journal du Dimanche, July 23, 1989, quoted [then Prince now] King Father Norodom Sihanouk as declaring, "Hor Nam Hong, former commander of a Khmer Rouge concentration camp [Boeng Trabek detention camp], is responsible for the death, after atrocious tortures, of many former members of the anti-American Resistance, such as my cousin Prince Sisowath Methavy, and his spouse [Princess Nanette], the elder sister of my wife [now Queen Mother Norodom Monineath Sihanouk]."
Princess Sisowath Nanette arrived at Boeng Trabek camp in October 1977, directly from France, to join her husband Prince Sisowath Methavy who had returned to Cambodia since 1976, only one year after the Khmer Rouge take over. Following a short stay in Chraing Chamres, Prince Methavy was sent to Boeng Trabek camp in February 1977. Princess Nanette actually lived in Boeng Trabek camp for only six months before she and her husband were taken away to be executed in April 1978. This is confirmed by many surviving prisoners from the three sections of Boeng Trabek camp (B30, B31 and B32), who all confirm that they last saw Princess Nanette and her husband around the Cambodian New Year that took place in April 1978.
In an interview published in Khmer-language newspaper Rasmei Kampuchea, April 23, 2008, Hor Nam Hong says the Sisowath couple lived with him "until the end of 1978" before being taken away and killed by the Khmer Rouge. However, surviving witnesses say that the Khmer Rouge had stopped taking away and killing Boeng Trabek prisoners since August-September 1978, when living conditions suddenly started to improve as the Pol Pot regime tried to mobilize all Cambodian forces to counter increasing pressure from Vietnamese troops.
The late CPP Justice Minister Chem Sgnuon, who was detained at Boeng Trabek camp until Vietnamese troops arrived in January 1979, used to tell many people how cruel Hor Nam Hong was when he was the Khmer Rouge-appointed camp chief. Chem Snguon avoided talking with Hor Nam Hong because of this bitter past.
KHMER INTELLIGENCE NEWS - 13 October 2008
Garment manufacturer Tack Fat has gone bankrupt (1)
The Hong Kong-based daily newspaper South China Morning Post, October 8, 2008, confirmed that Tack Fat Group International, a well-known firm listed on the Hong Kong Stock Exchange and the parent company of Tack Fat Garment (Cambodia) Ltd, a major garment manufacturer in this country, has gone bankrupt. The news reads as follows, "Last month [September 2008], banks applied to wind up (…) swimwear maker Tack Fat International Group after [it] defaulted on loans." Tack Fat becomes the second "collapse of a Hong Kong-listed retailer amid the financial meltdown."
According to a business analysis, "Tack Fat Group's principal activities are designing and manufacturing of jeans, pants, shorts, swimming apparel and sportswear for men, women and children. Other activity includes investment holding. The Group has three production facilities, one of which is located in Luoding City, Guandong Province, the People's Republic of China and the other two of which are located in Phnom Penh, Cambodia. The majority of the Group's products are exported to the North American, European markets and other regions." http://tinyurl.com/3mpvvl
A September 16, 2008 statement by the Group's "Provisional Liquidators Appointed" specifies, "The place of incorporation of the Company is in Cayman Islands and the shares [were] suspended for trading since 9:30am, 30 July 2008." http://tinyurl.com/3lgb8a
Information about Tack Fat Garment (Cambodia) Ltd can be obtained at http://tinyurl.com/437q8l
[End]
12 comments:
Pit chea min tham ma da maen nor
Several month ago when the global crisis were affected many country, why Cambodia Economic analyst said it not affected to Cambodian economy?
And now what, what the hell are they? Why don't they have a show on TV again, and say it still doesn't affect anymore?
Because, they are very stupid Hanois' PHD. They know evry economic moves in the whole world.
They even called economist "Ah Phleu vitu" and the are chhlat vitu. yi Ah puok sèn phleu l'nguong ngob os nis!
ក្នុងតំណាងGold Tower42, i would like strongly comment your blog about the wrong information with our project.Before you write down, please check-up with our construction site and our office.
Add:99 Norodom,Sangkat beongRang,Khan Daun Penh,Phnom Penh
Tell:017-777-958,023 99 44 33
E-mail: novratana@gamil.com
My understanding is that both Camko City and Golden Tower are continuing construction and have enough finance to meet with the customer orders previously made.
Do you have any factual evidence for your stories? Photos? Interviews with actual investors?
Or do you just make it up?
Well, You can come and check all evidence with our office as soon as possible.
Do you have any factual evidence for our stories? Photos? Interviews with actual investors?
Or do you just make it up too?
You guys seems to be tooo much free ... thats y they just sit and try to criticize others...
Ummmm anyway, what u got from doing this...????
how come? when All investors pack their bag back to other countries????
You happy to See this ...
What The hell in this fuckin Brain..
I am not free for sit and try to criticize others.i just cooment what is not true.anytime can visite my office Gold Tower42 is not Golden Tower
y i can not use my name???????????????????????????????????????????????
cos they scare you neong naa.... those fuckin stupid silly crazy guy can only talk behind but when face to face so scare....
CAMBODIA MUST SEEK UN SECURITY COUNCIL FOR HELP!!!
CAMBODIA MUST INFORM WORLD COURT ABOUT THAILAND'S VIOLATION OF THE 1962 ICJ DECISION ON PREAH VIHEAR.
CAMBODIA MUST ASK FOR UN PEACEKEEPING TROOPS AGAINST THAI AGGRESSION.
CAMBODIA MUST NOT WASTE ANY MORE TIME...PROLONGING THAI OCCUPATION OF 4.6 KM2 OF PREAH VIHEAR AREA = LOST OF KHMER TERRITORY!!
WAKE UP HUN SEN!!!!!
KHMER PEOPLE MUST UNITE AND EXPELL ALL FOREIGNERS OUT OF CAMBODIA.
LAND THAT THAI STOLE FROM CAMBODIA IN BROAD DAY LIGHT = PREAH VIHEAR, POIPET, TA MOAN, TA KRABEI...WE MUST PROTEST GOOGLE, WIKIPEDIA ONLINE SATELLITE MAP TO COMPLY WITH 1904-07 FRANCO-SIAMESE TREATY AND UN MAP, NOT THAI-MADE MAP!!!
MAY THE SPIRIT OF OUR GREAT KING JAYAVARMAN VII PROTECT OUR KHMER NATION!!!
ABHISHIT IS ENEMY NO.1 OF CAMBODIA!
Khmer people must understand who caused the Thai occupation of 4.6 km2 near Prasat Preah Vihear, Prasat Ta Moan, Prasat Ta Krabei, etc.
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