Cambodia, China Reject US Sanctions Against Chinese SOE

OFAC alleges that Chinese state-owned company Union Development Group seized land from locals for development through a corrupt Cambodian general.

Cambodia and China have criticised US sanctions against a Chinese state-owned enterprise operating in Cambodia to develop a tourism-based investment zone.

On Wednesday (15 September), the US Treasury’s Office of Foreign Assets Control (OFAC) designated Chinese state-owned company Union Development Group under the Global Magnitsky Human Rights Accountability Act, saying it committed human rights violations through the “seizure and demolition” of local Cambodians’ land for the construction of the Dara Sakor development project.

The USD 3.8 billion project includes the development of a resort, casino, golf courses, luxury housing, an international airport and a port for cruise ships. OFAC alleges the port has the potential for being converted to host Chinese military assets, which could “threaten regional stability and undermine the prospects for the peaceful settlement of disputes, the promotion of maritime safety and security, and the freedom of navigation and overflight.”

In full: https://www.regulationasia.com/cambodia-china-reject-us-sanctions-against-chinese-soe/

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