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Two men ride a motorcycle through the Camko City development in Phnom Penh in March. Photograph: Hong Menea/Phnom Penh Post
Construction on Camko City, an unfinished $2 billion satellite town northwest of Phnom Penh, has resumed after at least one remark linking the megaproject’s CEO to a South Korean banking scandal was deleted.
According to Kheng Ser, assistant to Lee Sang-ho, CEO of World City Co Ltd, the company behind Camko City, the company has resumed construction of retail spaces and parks.
He said the residential space was nearly sold out but could not confirm a completion date for the first phase of the project.
“We don’t know when it will be completed. It depends on our investment partners,” Kheng Ser said.
He declined to name the partners because of confidentiality agreements.
In a recent statement, World City said all charges involving Lee Sang-ho have been dropped.
“Ultimately, the South Korean Court of Appeals ultimately found Mr. Lee Sang-ho not guilty based on media rumors,” the statement read.
Lee Sang-ho and South Korean business leader Lee Tae-hwan were also linked to loans from the now-bankrupt Busan Savings Bank and are still serving prison sentences for embezzlement, according to local media reports.
Geng Se denied that Lee Sang-ho had been convicted of corruption and said all charges had been dropped.
The New Siem Reap International Airport (NSRIA), originally financed by South Korean banks, has missed its expected start date twice since April.
Tek Reth Samrach, chairman of the $1 billion project’s steering committee, acknowledged that NSRIA Ltd.’s progress has been slow.
“They have submitted the documents but have not started yet. For such a big project, we have to give them more time,” he said.
NSRIA CEO Lee Tae-hwan was found not guilty last week, according to local media reports.
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Original Post: http://www.phnompenhpost.com/index.php/2012082858313/Business/camko-city-restarts-as-banking-scandals-drop.html
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