Khmer-US Businessmen Convicted on Fraud Charge

[geovalin]

Three Americans were convicted in absentia yesterday of “fraud with aggravating circumstances” by the Phnom Penh Municipal Court after they defrauded a Cambodian dentist of $1 million in 2012. Sichan Siv, a Cambodian-American and a former US Ambassador to the United Nations under US President George W. Bush, prominent Cambodian-American Richer San and businessman Thomas A. Willems were each sentenced to one year in prison and were ordered to pay 45-year-old dentist Eng Lykuong the $1 million she is owed.
 

The case against the men revolves around a rice export company named Akra Agriculture Partners, which they planned to start in Phnom Penh in 2012. They told Ms. Lykuong they already had $3 million in investments and only needed $1 million from her to start the business. Due to Mr. Siv’s notoriety and clout in the Cambodian-American community as well as the business connections of the other members of the team, she decided to become an investor.
 

But Mr. Willems and Mr. San quickly spent the money lavishly in Phnom Penh, renting offices and large trucks before paying themselves handsomely as well. A few months later, Ms. Lykuong was informed by other shareholders in Akra that Mr. Siv and Mr. Richer were no longer involved in the company. Before long, she realized she was the only outside investor involved in the company.

 

read more  http://www.khmertimeskh.com/news/31109/khmer-us-businessmen-convicted-on-fraud-charge/

 

 

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