ANZ distances itself from Cambodian partner
Australian financial institution ANZ has distanced itself from the Royal Group, its local partner in a Cambodian joint venture bank, following police reports linking the group to illegal logging activities. A report published by Cambodia’s National Police this week accused Royal Group, owned by prominent tycoon Kith Meng, of laundering illegal timber through the Lower Sesan II hydropower project. It accused the conglomerate of using its licence to clear the reservoir area as cover for its subsidiary’s laundering of timber from elsewhere. The Royal Group has denied the claims. Royal Group owns a 45 percent stake in ANZ Royal Bank, a joint venture with ANZ that operates 15 branches with over $1 billion in assets.
