Fraudulent crypto currency operations closed over illegal use of PM’s name

May Kunmakara and Sok Chan / Khmer Times No Comments Share:
The advertisement pamphlet which led to the Prime Minister’s ire. Supplied

Two senior officers of a Malaysian owned company, Malaysia-owned GCG Asia were arrested and their office was temporarily shut down on Friday over the illegal use of the name and photos of Prime Minister Hun Sen to promote  their business.

For in depth analysis of Cambodian Business, visit Capital Cambodia

Latest News: GCG Asia’s trail of larceny and theft

The arrest came  hours after  the Premier reacted last after he got the information from Indonesian Embassy to Cambodia who informed that the company  has been blacklisted  in Indonesia because of the company’s illegal involvement in crypto currency trade.

According to the senior police official of the National Police Commission,  the police arrested the two Malaysians,  a man identified as Dato Sri Dr. Darrem Yaw and a woman reported to be his wife team at their  office in Daun Penh district and that  the police has  brought them for further questioning.

“Now, we  cooperating  with National Bank of Cambodia to check and close the business, including the detention of  the two Malaysian couples for further questioning,” the senior police official said.

Prime Minister Hun Sen  late Thursday called for the public to be aware of   Kuala Lumpur-based GCG Asia which claimed that the company had received  full support from the Cambodian government for  their crypto currency business.

“Recently, GCG Asia Co., LTD has taken pictures of me and my name to be posted on the website, which says that I am a fan and will join their ribbon cutting ceremony in Cambodia on May 20, 2019,”wrote the premier on this official face book page.

At the same time, according to the Prime Minister, the company has named the National Bank and the Bank of China in Cambodia as  responsible partners in the crypto currency exchange. According to the Indonesian Embassy in Cambodia, GCG Asia is a grey company and was placed on the Black List.

“As the Prime Minister of the Kingdom of Cambodia, I deny the information posted on the company’s website, which is not true. [I] Request all relevant authorities and concerned authorities to monitor and investigate the offender and immediately punish them in accordance with the law,” he said.

“Please, all Citizens and businessmen both inside and outside the country have to be very careful about buying unauthorized exchange money purportedly from the Royal Government of Cambodia,” he added.

The National Bank of Cambodia this morning also announced that GCG Asia is not in cooperation or in collaboration  with the National of Bank of Cambodia, according to the announcement from NBC.

NBC said  that GCG Asia is fraudulently using National Bank of Cambodia’s logo and name on their website and social network for fraudulent purpose.

“The National Bank of Cambodia hereby states that the NBC has never recognized or even associated with GCG Asia. We are taking legal actions against this fake news of GCG Asia and condemn this illegal act.”

At the same time, Bank of China (Hong Kong) Phnom Penh Branch, also issued a statement  saying that it has no  business cooperation or association of any kind  with GCG Asia and has the bank signed the alleged or any similar agreements with any company (including GCG Asia).

The statement read that the Lawyers have been retained by the Bank to take appropriate actions against the company and to reserve all our rights to claim against GCG Asia for all  damages and losses (including reputation and financial) suffered by the bank as a result of the false claim by GCG Asia.

“We thank our customers for their trust in Bank of China, and would like to remind them not to take such marketing materials from unofficial channels at face value in order to avoid financial loss,” the statement reads.

Bank of China said that on the afternoon of 14 April 2019: “It came to our attention that a company called GCG Asia claimed in its promotional leaflet that it has reached an agreement with Bank of China Phnom Penh Branch to jointly issue a credit guarantee bill that ensures the financial security of all its members.” In addition, an alleged sample of Bank of China’s bank acceptance bill was shown on its promotional leaflet.

Share and Like this post

Related Posts

Previous Article

J&J, Siemens, GE, Philips targeted in Brazil graft case

Next Article

Royal Railway takes extra measures for a smooth ride