BANGKOK – In a dramatic move against one of Southeast Asia's most powerful business figures, Thai authorities have seized a portfolio of assets belonging to Ly Yong Phat, a prominent Chinese-Cambodian senator and tycoon famously nicknamed "powerful across the border."
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| Ngày 12-9, Chính phủ Mỹ công bố lệnh trừng phạt nhắm vào thượng nghị sĩ Campuchia Ly Yong Phat - Ảnh: KHMER TIMES |
The crackdown is a clear signal that Thailand is intensifying its scrutiny of influential foreign oligarchs operating within its borders.
Thai authorities confirmed they have frozen and seized a wave of assets, including:
More than 88 million Baht (approx. $2.56 million USD) in various bank accounts.
A portfolio of luxury real estate properties.
A Pattern of "Puzzling" Transactions
This seizure is not the first time Ly Yong Phat has faced legal trouble in Thailand. The tycoon’s troubles have been mounting, signaling a significant fall from grace:
Earlier Freeze by AMLO: He was previously targeted by Thailand's Anti-Money Laundering Office (AMLO), which froze over 70 million Baht (approx. $2.04 million USD). That action was reportedly triggered by a series of "puzzling" and suspicious financial transactions.
Stripped of Citizenship: In the most severe move, Thai authorities recently revoked Ly Yong Phat's Thai citizenship, officially designating him a threat to national security.
No One Above the Law
The operation against Ly Yong Phat is being seen as a stark warning to other financial heavyweights in the region. The Thai government appears determined to send the message that "whether rich, powerful, or famous, no one is above the law."
By "peeling back the layers" on a cross-border tycoon who long operated with impunity, Thailand is issuing a clear and potent warning: the era of unchecked influence for regional oligarchs is coming to an end.
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