Logo of Phnom Penh Post newspaper Phnom Penh Post - ‘The Bay’ developer severs ties with Sok Bun

‘The Bay’ developer severs ties with Sok Bun

An artist’s rendition of “The Bay” condominium and hotel project. Photo supplied
An artist’s rendition of “The Bay” condominium and hotel project. Photo supplied

‘The Bay’ developer severs ties with Sok Bun

Disgraced tycoon Sok Bun will terminate his joint venture agreement with Singaporean real estate developer Teho International for the $500 million “The Bay” condominium and hotel project, according to a company filing on the Singapore stock exchange yesterday.

The convicted businessman’s firm, Sok Bun Group, was a 51 per cent partner in Teho Cambodia, which, according to the filing, will now be transferred to Yim Chhay Line, who is the daughter of Deputy Prime Minister Yim Chhay Ly and was appointed board director after Bun’s resignation last July.

“The joint venture agreement shall be terminated with mutual consent and each party is released from its obligations under the agreement,” the filing read. “Sok Bun agrees to transfer 510 ordinary shares representing 51 per cent of the total issued share capital of the joint venture to Mrs Yim Chhay Line.”

Sok Bun was sentenced last week to a 10-month suspended prison sentence for the savage beating last year of former television presenter Ek Socheata, better known to her fans as Ms Sasa. The highly publicised case resulted in Bun resigning from Teho Cambodia’s board, but his firm continued to hold a 51 per cent stake in the project.

Following his resignation, Chhay Line replaced Bun as director last August.

But Bun’s tribulations did not end there. In December, he lost his licensing rights to ECG (Cambodia), the parent company of which is ECG Property – a wholly owned subsidiary of Teho that handles the developer’s marketing and promotional activity.

Kevin Goos, CEO of Century 21 Cambodia, said the termination of the joint venture agreement will help Teho jumpstart its efforts to rebrand and increase sales in Cambodia, adding that the Sok Bun episode hurt their image in the country.

“That definitely did hurt them in Cambodia, as it [The Bay] was known as Sok Bun’s condo,” he said.

While Teho would use this change to look for new shareholders and increase its marketing activity, Goos said, the association with Sok Bun did not hurt the company’s reputation in Singapore – where the disgraced tycoon was just another director in one of its joint ventures.

MOST VIEWED

  • Hun Sen: Stop Russia sanctions

    Prime Minister Hun Sen said sanctions against Russia as a result of its military offensive in Ukraine should be stopped as they have produced no tangible results, and predicted that a global food crisis would ensue in 2023 as a consequence. Speaking to an audience at

  • Chinese tourists 2.0 – Coming anytime soon?

    Regional tourism is grappling with the absence of the prolific travellers and big spenders – the Chinese tourists. Cambodia, which has welcomed over two million Chinese tourists before Covid-19, is reeling from the economic loss despite being the first to fully open last November ‘To put

  • PM reflects on shoe throwing: Free speech or act of violence?

    Prime Minister Hun Sen on May 17 questioned whether a man who threw a shoe at him while he was in the US was exercising freedom of expression or if it was an act of hostility. Hun Sen was referring to an incident last week when

  • Siem Reap’s Angkor Botanical Garden opens

    The Angkor Botanical Garden was officially opened on May 19 with free entry for both local and international visitors for the first six weeks. The garden was established on a nearly 15ha plot of land in Siem Reap. “After the first six weeks, Angkor Botanical Garden

  • Pub Street on the cards for Battambang

    The Battambang Provincial Authority has announced that it is considering establishing a Pub Street in the area around the heritage buildings in Battambang town in a bid to attract more tourists. Battambang provincial governor Sok Lou told The Post that the establishment of a Pub

  • Hun Sen: Don’t react to hostility

    Prime Minister Hun Sen urged tolerance and thanked members of the Cambodian diaspora for not reacting to the hostility on display towards him by others while he was in the US to attend the May 12-13 ASEAN-US Special Summit in Washington, DC. In an audio