Post by : Shakul

Phnom Penh has become the centre of fresh controversy after a cousin of Cambodian Prime Minister Hun Manet publicly admitted that he owned a 30 per cent stake in Huione Pay, a digital payment company linked to cyberscam operations and money laundering allegations. The disclosure has attracted major public attention because the company was previously sanctioned by the United States over alleged involvement in financial crimes connected to transnational scam networks operating across Southeast Asia.

Hun To, the cousin of Prime Minister Hun Manet, confirmed his ownership stake in a public statement released on Wednesday. He stated that he indeed held 30 per cent shares in HUIONE PAY PLC. However, he strongly denied participating in the company’s management or receiving any profits, dividends, or financial benefits from the business during the time he held shares in the company.

The controversy surrounding Huione Pay grew after the United States government accused Huione Group last year of laundering money for criminal organisations involved in online scams across Southeast Asia. According to US authorities, the larger Huione Group controlled several businesses related to e-commerce, cryptocurrency exchange services, and digital payment systems. Investigators alleged that these platforms were used to move and hide funds connected to international fraud activities.

Reports linked to the company’s liquidation process showed that former Huione chairman Li Xiong owned 62 per cent of the company’s shares while Hun To controlled 30 per cent. Liquidation documents prepared by Reachs and Partners reportedly confirmed the ownership structure. Authorities stated that the liquidation of Huione Pay was officially completed in October 2025 after regulatory actions and increasing international scrutiny.

Chinese authorities have also linked Li Xiong to a major transnational gambling and fraud syndicate. Officials in China accused him of playing a central role in illegal online gambling and scam operations affecting multiple countries. Li was extradited to China on April 1 this year and is currently facing investigations related to several suspected crimes. His extradition added further pressure on authorities investigating the company’s financial activities.

Despite growing criticism, Hun To insisted that he had no direct involvement in the operational management of Huione Pay. In his statement, he said he never handled business decisions or financial transactions related to the platform. He also claimed that he did not receive any personal financial gain from the company during the period of his share ownership. His explanation has triggered mixed reactions from the public and observers in Cambodia.

The issue has become even more sensitive because many users have complained about frozen accounts linked to the Huione platform known as H-Pay, previously called Huione Pay. Since last month, several protesters have demanded the release of their funds after claiming they lost access to their accounts in December. Many affected users said they were unable to withdraw money or access digital assets stored on the platform.

The National Bank of Cambodia has already confirmed that business licences connected to the Huione platforms were revoked. Authorities stated that regulatory action was taken following investigations into the company’s activities and concerns regarding compliance with financial regulations. The case has raised wider concerns about the rapid growth of unregulated digital financial services and their possible links to organised cybercrime in the region.

The Huione controversy has once again highlighted the increasing threat of cyberscam networks operating from Southeast Asia. Governments across the region are facing mounting pressure to strengthen financial oversight, improve cybercrime enforcement, and protect users from online fraud schemes. Investigators and financial experts believe the case could lead to further international scrutiny of digital payment businesses connected to high-risk financial activities in Cambodia and neighbouring countries.

#Thailand News #Payments #Digital Awareness #Cambodia