South Korean CEO charged over cheating shareholders

BUTH REAKSMEY KONGKEA / Khmer Times No Comments Share:
Casinos frequently come under scrutiny in Cambodia. GGRAsia

A South Korean businessman and CEO was yesterday arrested and charged at the Phnom Penh Municipal Court with extortion and breach of trust for allegedly failing to share the profits of the company under his control with other board members.

Keo Rithy, a police officer with Ministry of Interior’s Penal Police Unit, identified the suspect as Sun Shangsook, 57, CEO of Fortuna Hotel & Casino located in Preah Sihanouk province’s commune 4.

“He was charged by the municipal court’s prosecutor with extortion and breach of special trust,” said Mr Rithy.

“He was arrested following a lawsuit filed by one of his associates, who was one of the shareholders in the company.”

According to a police report, Mr Shangsook became the CEO of the company in 2016 and in May 2017, failed to divide the company’s profits to shareholders, keeping the cash for himself.

When his fellow shareholders demanded their cut, Mr Shangsook allegedly threatened to dissolve their shares in the company.

“Because the shareholders were not pleased with him, they filed a lawsuit to the court,” said Mr Rithy. He added the suspect is now in pre-trial detention at Prey Sar prison.

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