Khmer Times/Jonathan Greig | Tuesday, 10 May 2016
Lim Bunsour, president and CEO of AZ Group, and Nang Sothy, secretary general of the Cambodia Chambers of Commerce, were among a long list of names found in the files.
Each held stakes in companies based in the British Virgin Islands with connections to addresses in Hong Kong. The ICIJ did not say what business the companies were involved in or how large a stake the men had in the companies.
The ICIJ report takes pains to acknowledge that not everyone named in the leaked documents was necessarily involved in illicit financial transactions, saying there are legitimate uses for offshore companies.
But a report released last December by Global Financial Integrity (GFI), a Washington-based research organization, showed that more than $15 billion was moved out of the Kingdom illegally from 2004 to 2013 through processes known as “hot money outflows” and “trade misinvoicing.” More than $4 billion was moved in 2013 alone.
Justice Minister Ang Vong Vathana was named in the initial release of documents last month, which showed he held a stake in RCD International ltd.
The leaked document – a hand-written note – says Mr. Vong Vathana became one of five shareholders of RCD International Limited in May 2007, paying $5,000 for 5,000 shares of the company based in the British Virgin Islands, according to the ICIJ report.
ICIJ said it was unable to determine what kind of business the company operated.
Mr. Vong Vathana denied any involvement with the company and had his ministry release a statement, saying: “The information released [by the ICIJ] was false. This is misinforming the public and it will impact the honor of the minister.”
But opposition lawmaker Son Chhay implored the ACU and other government bodies to look into the leak.
“The ACU should investigate this. They should not keep silent about this,” the senior member of the Cambodia National Rescue Party said.
Information from the leaks is still trickling out as more news organizations make their way through the massive stockpile of documents, but ICIJ director Gerald Ryle told CNBC that the leak was evidence of a larger worldwide issue.
“We’re looking at a system that’s actually broken. You’ve got a system that sells, as a primary product, secrecy. If you go to the offshore world, you can do things that you wouldn’t be able to do at home,” he said.
The 11.5 million documents spanning more than 40 years were leaked to the team of journalists, who set up a detailed website linking accounts to some of the world’s most powerful and famous people, including 12 current and former heads of state, 200 politicians, associates of numerous mafia organizations, 350 major banks, celebrities and thousands of regular citizens.
Neither Mr. Bunsour nor Mr. Sothy were available for comment.