The Cambodian Ministry of Land Management, Urban Planning and Construction has initiated a freeze on the real estate assets of tycoon Leng Navatra and his firm, Galaxy Navatra Group. The decision follows a prolonged dispute involving the Borey Leng Navatra 6A project, a gated community located near Phnom Penh that has faced significant construction setbacks.
According to a ministry document shared by Navatra on social media, the government intends to oversee the completion of the project. The freeze encompasses assets held by the company, Navatra himself, and his business partners. The intervention comes after more than 100 buyers protested earlier this year, citing over five years of delays. In January, ministry official Som Monorom noted that approximately 1,500 homes remained unfinished.
Navatra characterized the project as a major financial burden, stating that while the development generated $185 million in sales, construction costs have reached $221 million. He estimated that an additional $20 million to $30 million is required to finish the site. The tycoon stated he has offered his family's assets to authorities to address the situation, though he noted that some properties are currently encumbered by debt.
In a public statement, Navatra expressed his willingness to face legal consequences and requested the revocation of his and his siblings' "Oknha" and "Neak Oknha" titles. These honorifics are typically granted to individuals who contribute at least $500,000 to the government.
While some buyers have begun to receive their homes, others are pursuing further action. Lay Hengtong, a buyer who received his property in February, stated that he is still seeking compensation for the breach of his 2021 contract. "He has to respond and provide compensation," Hengtong said. "He cannot avoid responsibility simply by issuing an announcement. If he ignores us, we will take the matter to court."
Source: CamboJA News
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