Cambodian businessman Hun To has effectively assumed sole control of a prime Boeung Tamok development after his longtime business partner, U.S.-sanctioned businessman Chen Ai Len, disappeared from public view, raising new questions about the ownership of valuable jointly held assets and the source of millions of dollars used to acquire them.
Hun To, one of Cambodia’s most prominent tycoons, is building a luxury villa and other private structures on land overlooking Boeung Tamok, the capital’s largest remaining urban wetland. The development has continued even as Chen, who jointly acquired the property with Hun To, has vanished from public life following sanctions imposed by the United States.
In September 2025, the U.S. Treasury sanctioned Chen, a Chinese-born businessman who later acquired Cambodian citizenship, alleging his involvement in human trafficking and cyber-enabled scam operations. Soon after the sanctions were announced, Chen disappeared from public view, leaving behind extensive business interests in Cambodia.
Before the sanctions, Hun To and Chen had jointly assembled about 100 hectares of land around Boeung Tamok, an area that has become one of Phnom Penh’s most valuable real estate markets as the lake has steadily been filled for development. Based on estimated market values of between US$2 million and US$3 million per hectare, the site could be worth as much as US$200 million to US$300 million.
Government records reviewed by VOD show that Hun To and Chen jointly contributed US$55 million to the Cambodian government in 2021 to finance construction of a new Ministry of Interior headquarters. In return, the government transferred a large tract of land bordering Boeung Tamok—originally allocated to the ministry—to the two businessmen.
The ministry’s new headquarters has since been completed, while Hun To is now constructing his own private development on the transferred land.
Chen’s current whereabouts remain unknown, while his global assets have reportedly been frozen under U.S. sanctions. His disappearance has left unresolved questions over ownership of the jointly acquired Boeung Tamok property and the source of his contribution to the US$55 million payment, particularly after U.S. authorities accused him of operating businesses linked to online fraud and human trafficking.
VOD contacted Hun To for comment on the issues raised in this report but had not received a response by the time of publication.
It also remains unclear whether Cambodian authorities are investigating Chen’s remaining assets in the country. Since July 1, 2026, VOD has repeatedly sought comment from government spokesperson Pen Bona, but telephone calls were disconnected.
Analysts say Hun To’s close ties to Cambodia’s ruling family make official scrutiny unlikely. Hun To is a nephew of former Prime Minister Hun Sen and a cousin of Prime Minister Hun Manet.
Soeng Senkaruna, president of the Australia-based Khmer Democracy Organization, said Cambodian authorities should investigate Hun To’s assets, particularly the Boeung Tamok development, because of its connection to a businessman sanctioned by the United States.
“I do not expect Cambodia’s current authorities to investigate Hun To,” Senkaruna told VOD. “That would require a system of governance that guarantees accountability, justice and freedom from corruption and patronage.”
According to Transparency International’s 2025 assessment of corruption and democratic governance, published in February 2026, Cambodia ranked 163rd out of 182 countries, reflecting a further decline from the previous year.
Hun To and Chen previously served together on the board of HH Bank, which has also been sanctioned by the United States over allegations that it laundered proceeds from online scam operations.
Hun To also previously held a 30% stake in Huione Pay, a payment services company affiliated with Huione Group. The United States sanctioned Huione Group in 2025, alleging it laundered billions of dollars linked to cyber-enabled fraud operations based in Cambodia.
Hun To has acknowledged holding shares in Huione Pay but has denied participating in the company’s day-to-day management. He has also said he never received profits, dividends or other financial benefits from the company.
Huione Pay has since ceased operations, while Cambodian and Chinese customers continue seeking the return of funds they say they have been unable to withdraw.
The luxury development at Boeung Tamok stands in sharp contrast to the experience of hundreds of families displaced from the area as the lake has been reclaimed for development. Around 250 households have been relocated in recent years to government-designated sites, where each family received a plot measuring four metres by eighteen metres.
Former Boeung Tamok resident Sear Davy said she was forced to leave the community where she had lived for years and now watches luxury homes replace the lake that once sustained local families.
“We were forced to move,” she said. “Now all we see are large houses and expensive cars. The lake where we used to live has become a place for powerful and wealthy people. Ordinary people like us can only stand and watch.”
The 44-year-old former resident was previously charged with intentional violence against public officials after participating in protests against the evictions. As construction continues on Hun To’s private estate, the questions surrounding Chen’s disappearance, the ownership of their shared assets and the fate of his investments in Cambodia remain unanswered.
