The Phnom Penh Post newspaper has been sold to a Malaysian businessman after 26 years of operation in the Kingdom, the outgoing newspaper owner announced on Saturday.
Bill Clough, formerly chairman of Post Media Ltd., said in a statement Saturday that the company has been sold to Malaysian investor Sivakumar G.
“Recent times have been a challenge and the worldwide decline in market shares for newspaper advertising has also been felt here in Cambodia,” Mr Clough said.
Mr Siva is a well-respected newsman and represents a strong investment group from Malaysia, he added.
The newspaper was founded in 1992 by American journalist Michael Hayes and has been undergoing a tax audit, which apparently shows that it owes about $3.9 million in taxes.
Mr Clough added that the company had made a settlement of the widely publicised tax claims with the General Department of Taxation.
The Post transferred ownership to Australian businessman Mr Clough in 2007.
It was operating fortnightly then, and was converted to a daily newspaper and a Khmer language version in 2008.
Last month, Phnom Penh Municipal Court also issued an injunction asking the newspaper to pay $260,000 in compensation to its former CEO Chris Dawe, who sued the paper over wrongful dismissal.
Mr Siva, the new owner, could not be reached for comment.