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Cambodia
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A major Cambodian payments firm received crypto worth over $150,000 from a digital wallet used by North Korean hacking outfit Lazarus, blockchain data shows, a glimpse of how the criminal collective has laundered funds in Southeast Asia, Reuters reported. Huione Pay, which is based in Phnom Penh and offers currency exchange, payments and remittance services, received the crypto between June 2023 and February this year, according to the previously unreported blockchain data reviewed by Reuters.
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The company operating Cambodia's only active oil field has collapsed under its debt, dealing a blow to the country's hopes of becoming a significant oil producer, Nikkei Asia reported. In an announcement on Friday, Singapore-listed KrisEnergy said it was unable to pay its debts and "will proceed to liquidation." KrisEnergy in December celebrated pumping the Southeast Asian country's first oil from the Apsara field, an offshore concession also known as Block A. The company's heavy debt, however, was a looming concern even then.
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Skyrocketing micro-finance debt in Cambodia has left millions of people at risk of losing their homes, leading to fears of a potential political and economic crisis, Bloomberg News reported. With a median of $3,370 per loan, Cambodia now has the highest average for small loans in the world, according to a report from the Cambodian League for the Promotion and Defense of Human Rights and Samakum Teang Tnaut on Wednesday. Altogether, nearly 15% of the population held at least $8 billion in micro loan debt at the start of the year, the data show.
Cambodia faces a serious blow to its economy as the European Union investigates the government’s deteriorating human rights record and considers revoking a special trading deal with the country, the International New York Times reported. For 17 years, Cambodia has benefited from preferential access to the European Union a major trading partner, under a program called Everything but Arms, which allows what the bloc calls “vulnerable developing countries” to pay fewer or no duties on all their exports to the bloc, except weapons and ammunition.
Uncertainty over the law, inexperienced judges and a total lack of precedent have made bankruptcy in Cambodia a decidedly worrisome proposition, The Phnom Penh Post reported. Two years ago yesterday, on January 9, 2013, telecommunications operator MFone filed for insolvency in the Phnom Penh courts. The failure of the company, which had run up too much debt and could no longer compete in the crowded telco sector, left more than 1,000 workers jobless - many of whom hit the streets in protest.
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Donor countries to the Khmer Rouge tribunal have commended the war crimes court for beginning its first trial on Tuesday, a step it claims moves Cambodia much closer to achieving justice and national reconciliation. But as congratulatory messages flood in, donors remain silent on further pledges to the financially troubled chambers, failing to allay fears by officials that the court's Cambodian side looks set to become bankrupt by the end of the month, The Phnom Penh Post reported.
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