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.”
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. Read more...