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Teho appoints daughter of Cambodia's deputy PM as new director of JV
TEHO International Inc Ltd has appointed a high-profile figure in Cambodia as new director for its Cambodian joint venture, Teho-SBG Development Co Ltd, which is responsible for developing major mixed use project The Bay in Phnom Penh.
Yim Chhay Line is the daughter of Cambodia's deputy prime minister HE Yim Chhay Ly and chairman of the Council for Agricultural and Rural Development (CARD).
She replaces Sok Bun, a real estate magnate who had to step down as director of Teho SBG Development after he was accused of a brutal attack on a former television presenter in Cambodia last month. Mr Bun also resigned as a director of ECG Cambodia - the lead marketing agency for The Bay.
But Teho SBG Development remains a 51-49 joint venture between Mr Bun and Teho's unit Teho Development (Cambodia), since foreigners are not allowed to own more than 49 per cent of property under a partnership structure in Cambodia. The project - which will be one of the tallest buildings in Cambodia - was officially launched on July 29 in Phnom Penh.
According to Teho, Mrs Yim is a leader in business and social endeavours in Cambodia, and holds several active positions in business and philanthropic organisations in the country.
Teho International executive chairman and CEO Lim See Hoe said: "The appointment of Mrs Yim - a recognisable and well-respected figure in Cambodia for her commitment to business and social endeavours - will be a tremendous asset for TEHO International and to The Bay project."