Socfin-KCD: who is behind the joint venture?
Socfin-KCD is a joint venture registered as a company in Cambodia and owned 80% by Socfinasia and 20%77 by KCD (Khaou Chuly Development). Socfinasia is a holding company created in 1972 and headquartered in Luxembourg. Socfinasia’s main activity is to manage portfolio holdings focused on the exploitation of over 50 000 ha of tropical palm and rubber plantations located in South-East Asia. Socfinasia has 12000 employees and had a turnover of 280 million euros in 2010. 55% of Socfinasia is owned by Socfin (Societé Financière des Caoutchoucs), previously Société Financière Luxembourgeoise (Socfinal).
Socfin is a company created in 1959 and headquartered in Luxembourg. Both Socfin and Socfinasia are listed on the Luxembourg Stock Exchange. Some of the group’s holdings in Africa have been targeted for alleged human rights abuses on plantations. The table below indicates Socfin’s shareholders. Amongst them, Bolloré Group (France) holds 38,75%, in addition to Belgian families Fabri and de Ribes. The Fabri family owns one third of what is referred to as the “Empire Rivaud”, a financial power which owns millions of hectares in plantations in Africa and Asia and which is led by Jean de Beaumont and Edouard de Ribes (the latter being on Socfinasia and Socfin’s boards of directors).
In addition to Socfin SA (53,96%), Bolloré Group (France) holds 21,75% of Socfinasia SA. Other shareholders (24,29% unidentified shareholders) are front companies located in tax havens which would be linked to the Fabri and Ribes families, themselves sitting on the board of Bolloré Group. Listed on the Paris Stock Exchange, Bolloré is a French investment and industrial holding group headquartered in Puteaux, France, and its principal activities are in sectors such as logistics, energy distribution, plantation, and media and communications.
With the exception of Mr. Luc Boedt and Mr. André Balot (on Socfin’s board), Mr. Hubert Fabri, Mr. Vincent Bolloré, Mr. Robert de Tehux de Meylandt et Montjardin (represented by Mr. Cédric de Bailliencourt), Mr. Eoudard de Ribes, and Mr. Philippe de Traux de Wardin all sit on both Socfin’s and Socfinasia’s boards of directors.
In addition, Mr. Hubert Fabri is President of Palmeraies de Mopoli (owning 4,49% of Socfin) and also represent TwoSun Fin Establishment (owning 11, 24% of Socfin) on Socfin’s board of directors. Edouard de Ribes has the authority to represent Geselfina (owning 23,05% of Socfin) as well as holdings and companies pertaining to Bolloré’s group on Socfin’s board.
In 2010, Socfinasia realized a net profit of 137,28 million euros (on a turnover of 280 million euros).
Due to the complex and multi-layered structure of holding companies owning 80% of Socfin-KCD’s joint venture, it is difficult to assess the degree of control exercised by Bolloré’s group on Socfin-KCD. However, available information tend to confirm that the company is exercising significant operational (Vincent Bolloré, Chief Executive Officer of Bolloré Group sits on both Socfin and Socfinasia’s boards) and financial control over the joint venture (Bolloré’s group directly detain 21,75% of Socfinasia and owns 54% of Socfin, in turn detained at nearly 40% by Bolloré’s group. See table above on the shareholders’ structure).
Khaou Chuly Group is registered in Cambodia and is said to be the largest Cambodian construction company. Founded in 1955, Khaou Chuly Company was, after the Khmer Rouges regime, rebuilt after the Khmer Rouges regime under the name of Khaou Chuly MKK, in partnership with the Japanese company MAEDA. According to the company’s website, “many of the company’s current projects are internationally funded by overseas agencies including the EU, Japan International Cooperation Agency (JICA), SCA, US Agency for International Development (USAID), Australian Agency for International Development (AusAID), etc.” The activities of the group include construction (engineering, buildings and public work, schools, universities, railways, dams, airports..), holdings (in agribusiness, consulting strategy, building materials, cement factory and fashion and accessories through Dhammarangsi Holding), surveillance services and pool construction and maintenance (with French company Piscines Desjoyaux). Mr. Khaou Chuly, a Sino-Cambodian tycoon, is the Chairman of Khaou Chuly Group and also a private adviser to Prime Minister Hun Sen. His son, Khaou Phallaboth is co-founder and President of the Group. Khaou Phallaboth and his relatives maintain close relationships with governmental figures. Khaou Phallaboth is also the former son-in-law of Chea Xim, brother-in-law of CPP minister Sun Chanthol.
In 2007, Khaou Chuly Group and Socfin announced a joint venture representing US$20 million. In February 2009, the operational management was transferred from KCD to Socfin. This was confirmed by the mission team during its mission.
Socfin is a company created in 1959 and headquartered in Luxembourg. Both Socfin and Socfinasia are listed on the Luxembourg Stock Exchange. Some of the group’s holdings in Africa have been targeted for alleged human rights abuses on plantations. The table below indicates Socfin’s shareholders. Amongst them, Bolloré Group (France) holds 38,75%, in addition to Belgian families Fabri and de Ribes. The Fabri family owns one third of what is referred to as the “Empire Rivaud”, a financial power which owns millions of hectares in plantations in Africa and Asia and which is led by Jean de Beaumont and Edouard de Ribes (the latter being on Socfinasia and Socfin’s boards of directors).
In addition to Socfin SA (53,96%), Bolloré Group (France) holds 21,75% of Socfinasia SA. Other shareholders (24,29% unidentified shareholders) are front companies located in tax havens which would be linked to the Fabri and Ribes families, themselves sitting on the board of Bolloré Group. Listed on the Paris Stock Exchange, Bolloré is a French investment and industrial holding group headquartered in Puteaux, France, and its principal activities are in sectors such as logistics, energy distribution, plantation, and media and communications.
With the exception of Mr. Luc Boedt and Mr. André Balot (on Socfin’s board), Mr. Hubert Fabri, Mr. Vincent Bolloré, Mr. Robert de Tehux de Meylandt et Montjardin (represented by Mr. Cédric de Bailliencourt), Mr. Eoudard de Ribes, and Mr. Philippe de Traux de Wardin all sit on both Socfin’s and Socfinasia’s boards of directors.
In addition, Mr. Hubert Fabri is President of Palmeraies de Mopoli (owning 4,49% of Socfin) and also represent TwoSun Fin Establishment (owning 11, 24% of Socfin) on Socfin’s board of directors. Edouard de Ribes has the authority to represent Geselfina (owning 23,05% of Socfin) as well as holdings and companies pertaining to Bolloré’s group on Socfin’s board.
In 2010, Socfinasia realized a net profit of 137,28 million euros (on a turnover of 280 million euros).
Due to the complex and multi-layered structure of holding companies owning 80% of Socfin-KCD’s joint venture, it is difficult to assess the degree of control exercised by Bolloré’s group on Socfin-KCD. However, available information tend to confirm that the company is exercising significant operational (Vincent Bolloré, Chief Executive Officer of Bolloré Group sits on both Socfin and Socfinasia’s boards) and financial control over the joint venture (Bolloré’s group directly detain 21,75% of Socfinasia and owns 54% of Socfin, in turn detained at nearly 40% by Bolloré’s group. See table above on the shareholders’ structure).
Khaou Chuly Group is registered in Cambodia and is said to be the largest Cambodian construction company. Founded in 1955, Khaou Chuly Company was, after the Khmer Rouges regime, rebuilt after the Khmer Rouges regime under the name of Khaou Chuly MKK, in partnership with the Japanese company MAEDA. According to the company’s website, “many of the company’s current projects are internationally funded by overseas agencies including the EU, Japan International Cooperation Agency (JICA), SCA, US Agency for International Development (USAID), Australian Agency for International Development (AusAID), etc.” The activities of the group include construction (engineering, buildings and public work, schools, universities, railways, dams, airports..), holdings (in agribusiness, consulting strategy, building materials, cement factory and fashion and accessories through Dhammarangsi Holding), surveillance services and pool construction and maintenance (with French company Piscines Desjoyaux). Mr. Khaou Chuly, a Sino-Cambodian tycoon, is the Chairman of Khaou Chuly Group and also a private adviser to Prime Minister Hun Sen. His son, Khaou Phallaboth is co-founder and President of the Group. Khaou Phallaboth and his relatives maintain close relationships with governmental figures. Khaou Phallaboth is also the former son-in-law of Chea Xim, brother-in-law of CPP minister Sun Chanthol.
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| The Khaou Chuly connection map (Chart by KI-Media) |
In 2007, Khaou Chuly Group and Socfin announced a joint venture representing US$20 million. In February 2009, the operational management was transferred from KCD to Socfin. This was confirmed by the mission team during its mission.
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1 comment:
Making money off dirt poor Cambodian people without dough is the name of the game including kicking, killing, and arresting dir poor Cambodian people off their land!
(There is a saying that it takes money to make money but not in Cambodia! In Cambodia AH HUN SEN use his jungle law, police, military, and gun, electric baton, and jail to make money!)
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