Investors file complaint over failed Borey housing project

Source: Khmer Times

People who have invested in the development have little faith of having their deposits returned. Supplied

More than 100 families filed a complaint to the Beong Keng Kong 1 commune chief yesterday after protesting outside a Borey development company’s head office over its failure to uphold contracts to build homes.

The families deposited $8,000 to $10,000 for the $20,000 homes to be built in a Borey in Dangkor district’s Prey Veng commune.

But construction has still not started and the families are demanding a refund from Bun Chan Krensa and his eponymous company.

Sok Srey Ron, a villager who was cheated, said most of the investors bought into the development after seeing its advertisements on Facebook.

Ms Srey Ron said the $20,000 price tag was attractive, while the company’s offer to have buyers deposit $8,000 to $10,000 and then pay the remainder over a period of years was also enticing.

“Some residents deposited a lot of money and now the company has said the project has folded,” she said.

Another investor, Vea Sna, said developer Mr Chan Krensa promised to repay their deposits, but no one believes he will.

“We saw the promotion via Facebook with cheap prices,” he said. “We are not rich people but could afford these nice homes at that price, and so invested in the project.”

Mr Chan Krensa could not be reached for comment, but angry investors who protested outside his office yesterday took a video of him addressing their demonstration.

In the video, Mr Chan Krensa told the protesters he will pay them all back, but needs at least 45 days to do so.

Beong Keng Kong 1 commune chief Prak Maly confirmed he had received a complaint from the families.

“On behalf of the authority, I instructed them to file a complaint at the court because it is related to a fraud case with a lot of money,” he said. “The authority cannot arrest someone without an order from the court.”

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