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Lao businessman convicted of fraud

Buth Reaksmey Kongkea / Khmer Times Share:
The suspect was convicted of cheating his partners out of $70,000. Supplied

Phnom Penh Municipal Court sentenced a Laotian businessman to two and a half years in prison for cheating two of his Cambodian partners out of $70,000.

Judge Pich Vicheathor identified the convict as Phetsamone Sirioudom, 62, general director of Tep Sambath Construction Company.

“The court sentenced him to two years and six months in prison and ordered him to pay $140,000 in compensation to the plaintiff,” the judge said, adding Mr Sirioudom was still allowed to appeal the judgment.

Chea Pai, 54, a road construction businessman in Phnom Penh, filed charges against Mr Sirioudom for borrowing $70,000 from himself and his brother Chhuon Thavarin, 56, and not paying it back.

When he borrowed the money, Mr Sirioudom deposited a check from his company worth 500 million euros as a guarantee. The convict said the money could be withdrawn from ABA bank branches in Cambodia, Thailand, Hong Kong and Singapore.

Mr Sirioudom promised he would return the money within ten months with a 15 percent interest rate. However, on the set date, he failed to produce the money.

The plaintiffs said that when they could not access the money, Mr Sirioudom brought them on a tour of ABA banks in Thailand, Hong Kong and Singapore to withdraw the money, but since there was no actual deposit to begin with, they could not be repaid.

Mr Pai added that their travels to Thailand, Hong Kong and Singapore cost him and his brother an additional $70,000 for flights, food and accommodation.

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