Cambodian Chinese tycoon and "Lord" Ly Yong Phat is once again embroiled in controversy. According to the Cambodia Daily, Ly Yong Phat is suspected of selling two strategic plots of land in Krong Poi Pet at high prices to a Chinese company for the construction and operation of an illegal online gambling park, with transactions totaling nearly ten billion US dollars, shaking the political and business circles.
One plot, located near the Mondul Seima County checkpoint and covering over 300 hectares, was resold to the Chinese enterprise for 4.5 billion US dollars; another 500 hectares of land in O'Bei Village, Thma Bang County, was also sold at a similar price. What is more concerning is that these lands were quickly transformed into bases for online gambling and have been continuously operated to date, without official intervention.
Insiders from the People's Party revealed that Ly Yong Phat still holds shares in one of the parks, profiting along with several top officials, with annual earnings of up to 275 million US dollars. Some of the funds have been secretly transferred to Thailand, raising concerns about money laundering and capital flight. Although Ly Yong Phat has not yet responded, public opinion is in an uproar.
For a long time, Cambodia's online gambling chaos has been frequently criticized internationally, and although the government has repeatedly launched crackdowns under pressure from China, this ten-billion-dollar transaction once again highlights the governance dilemma. The outside world is closely watching whether the authorities will initiate an investigation and whether it involves a broader chain of power.
