Cambodian Real Estate Mogul Declares Company Collapse, Renounces Royal Titles

Prominent Cambodian real estate developer Leng Navatra has announced the collapse of his company due to the failure of a major project. He has declared his intention to donate all his assets to the government and has requested the King to revoke the royal titles bestowed upon him and his relatives. In a surprising statement, Leng Navatra stated he would accept all responsibility but sought leniency from the government for his wife and children. According to his declaration, the land and housing project on Road 6A generated $185 million in sales but incurred expenses of $221 million, leading to severe financial difficulties. Navatra elaborated in his statement, "I wish to inform parents and brothers and sisters. Due to the inability to complete the 6A project, based on responsibility, sincerity, and respect for Cambodian law, I request the Royal Government and all compatriots." He further added, "All the assets of my relatives, including my mother's burial land, motorcycles, and cars, will be handed over to the Ministry of Land Management, Urban Planning and Construction for management, and I request the King to terminate all royal titles of my relatives." Leng Navatra explained that in terms of fairness and virtue, he did not profit from house sales and instead incurred losses, likening it to a contractor facing a deficit at both ends. He expressed hope that "the Royal Government of Cambodia and the Cambodian people will understand and be at ease." He also affirmed, "I will cooperate 100 percent with the government, conduct investigations with sincerity, and hand over assets with honesty." This development is likely to raise concerns about the risks associated with large-scale development projects in Cambodia's real estate sector and the overall stability of the economy. Source: AKP Khmer