Post by : Shakul
Phnom Penh is at the centre of renewed scrutiny following a statement by Hun To, cousin of Cambodian Prime Minister Hun Manet, confirming he owns a 30% stake in Huione Pay, a digital payment firm entangled in allegations of cyberscams and money laundering. This revelation has garnered significant public attention due to the company's previous sanctions by the United States for its suspected role in financial crimes linked to regional scam networks.
In his official statement released on Wednesday, Hun To affirmed his 30% shareholding in HUIONE PAY PLC. However, he categorically denied any involvement in the management of the company or receiving any profits, dividends, or financial benefits from it during his ownership.
Concerns regarding Huione Pay escalated when the U.S. government accused Huione Group last year of laundering money for entities involved in online scams throughout Southeast Asia. Authorities stated that the larger Huione Group oversaw various ventures in e-commerce, cryptocurrency exchanges, and digital payment systems, allegedly used for moving and concealing funds related to international fraud.
Documents from the company’s liquidation noted that the former chairman, Li Xiong, held 62% of the firm while Hun To possessed the remaining 30%. Liquidation paperwork corroborated this ownership claim. Officials confirmed that Huione Pay's liquidation was concluded in October 2025, following mounting regulatory pressures.
Chinese law enforcement has also connected Li Xiong to a significant transnational fraud and gambling syndicate. He faces charges concerning illegal gambling and fraud across multiple nations. Having been extradited to China earlier this year, Li is currently under investigation for various alleged offenses, further complicating the scrutiny surrounding the company.
Despite the backlash, Hun To maintained that he was not directly involved in running Huione Pay. He reiterated that he refrained from participating in business decisions or financial transactions regarding the platform and received no personal financial benefits during his stakeholding.
This issue has gained traction due to numerous users reporting frozen accounts linked to the H-Pay platform, formerly known as Huione Pay. Since last month, affected users have voiced their frustrations, demanding access to their funds after being unable to withdraw money since December.
The National Bank of Cambodia has confirmed the revocation of business licenses associated with Huione’s platforms. This regulatory action follows serious investigations into the firm's operations and compliance lapses, raising broader concerns about the unchecked expansion of digital financial services and their connections to organized cybercrime in the area.
This ongoing Huione drama underscores the pressing challenge of cyberscam networks operating within Southeast Asia. Governments are increasingly feeling the urgency to enhance financial oversight, boost cybercrime enforcement, and protect consumers from online fraudulent activities. Observers believe this case may trigger more intense international scrutiny on digital payment platforms linked to risky financial behaviors in Cambodia and its neighboring countries.
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