CPP official Kong Kheang was arrested and charged with incitement and defamation this week for making serious allegations against Deputy Prime Minister Chea Sophara.
NagaWorld built its business — which earned more than $1.7 billion in yearly revenue before the pandemic — in part through the CEO’s use of his offshore companies and a series of loans that lifted the casino company’s value, according to documents and emails released in a major leak of offshore enterprise documents.
VOD identified nine offshore companies connected to Cambodian nationals or Cambodia-based business owners in the sweeping leak of offshore company files known as the Pandora Papers. A deeper look at the business history hints at further connections to powerful individuals for some of the companies included, while others are little-known.
The investigation is based on a leak of confidential records of 14 offshore service providers that give professional services to wealthy individuals and corporations seeking to incorporate shell companies, trusts, foundations and other entities in low- or no-tax jurisdictions. The entities enable owners to conceal their identities from the public and sometimes from regulators. Often, the providers help them open bank accounts in countries with light financial regulation.
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