World
# Huiwang Storm: Cambodian government officials have remained silent for months after a massive funding storm broke out at Huiwang, a company owned by Hongtu.
A large number of victims have been unable to recover their frozen or withheld funds, and the relevant authorities have not opened a public investigation into the incident. The outside world questioned that behind the turmoil was not only a financial dispute, but also a problem of the failure of wealthy capital and supervision.
A large number of victims have been unable to recover their frozen or withheld funds, and the relevant authorities have not opened a public investigation into the incident.The outside world questioned that behind the turmoil was not only a financial dispute, but also a problem of the failure of wealthy capital and supervision.
According to multiple victims, Huiwang was accused of freezing customer accounts on a large scale and directly withholding user funds after the United States and the United Kingdom imposed sanctions against cross-border money laundering networks at the end of 2025.More than 1,000 people have been affected, but most have yet to receive compensation.
In March, the National Bank of Cambodia admitted that more than 1,300 customers still had not been dealt with, but the official advice was to let victims defend their rights through judicial channels.
This response has caused a lot of controversy.
Xie Silei, the victim, said that she was under severe mental stress due to the loss of funds.She admits that she can't believe the Cambodian justice system can really help ordinary people against big companies with powerful backgrounds.
โThey put money in their pockets and don't give it back at all.Sometimes I really want to jump the river, but when I think of the child, I can only continue to hold on. "
She believes that if the government continues to remain silent on the Huiwang incident, it will only make more financial institutions feel that there will be no real punishment even if they embezzle customer funds. At present, one of the common focuses of the outside world is the relationship between Hongtu and Huiwang.Hongtu has publicly admitted that he owns 30% of the shares paid by Hui Wang.But so far, no law enforcement agency has publicly subpoenaed or investigated him.
The government's delay in dealing with the case is not simply a โslow processโ, but more like protecting the business interests associated with the power family.
Southeast Asian analyst Sen Wenli criticized that national banks, which should be responsible for supervision, now put all the pressure on ordinary people to defend their rights and let victims who lack resources, legal capacity and political influence confront large companies with capital and background.
โIt's like having a mechanism in place that knows from the start that the victim is going to lose.โ
โIf the Huiwang incident finally fails, it will not only further blow people's trust in the judicial and financial system, but also seriously undermine the confidence of international investors in Cambodia's financial environment.โ
According to multiple victims, Huiwang was accused of freezing customer accounts on a large scale and directly withholding user funds after the United States and the United Kingdom imposed sanctions against cross-border money laundering networks at the end of 2025.More than 1,000 people have been affected, but most have yet to receive compensation.
In March, the National Bank of Cambodia admitted that more than 1,300 customers still had not been dealt with, but the official advice was to let victims defend their rights through judicial channels.
This response has caused a lot of controversy.
Xie Silei, the victim, said that she was under severe mental stress due to the loss of funds.She admits that she can't believe the Cambodian justice system can really help ordinary people against big companies with powerful backgrounds.
โThey put money in their pockets and don't give it back at all.Sometimes I really want to jump the river, but when I think of the child, I can only continue to hold on. "
She believes that if the government continues to remain silent on the Huiwang incident, it will only make more financial institutions feel that there will be no real punishment even if they embezzle customer funds. At present, one of the common focuses of the outside world is the relationship between Hongtu and Huiwang.Hongtu has publicly admitted that he owns 30% of the shares paid by Hui Wang.But so far, no law enforcement agency has publicly subpoenaed or investigated him.
The government's delay in dealing with the case is not simply a โslow processโ, but more like protecting the business interests associated with the power family.
Southeast Asian analyst Sen Wenli criticized that national banks, which should be responsible for supervision, now put all the pressure on ordinary people to defend their rights and let victims who lack resources, legal capacity and political influence confront large companies with capital and background.
โIt's like having a mechanism in place that knows from the start that the victim is going to lose.โ
โIf the Huiwang incident finally fails, it will not only further blow people's trust in the judicial and financial system, but also seriously undermine the confidence of international investors in Cambodia's financial environment.โ