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The Land Administration Ministry has ordered a freeze on actual property property belonging to tycoon Leng Navatra and his firm, Galaxy Navatra Group, amid a long-running dispute with patrons of one of many group’s unfinished boreys, Navatra stated in a Fb put up on Tuesday.
A letter Navatra shared from the Ministry of Land Administration, City Planning and Development, dated final month, stated it might take over development of the venture – generally known as Borey Leng Navatra 6A, a gated residential group on the outskirts of Phnom Penh – and would study and freeze property owned by the group, Navatra and his enterprise companions.
Greater than 100 patrons of items at Borey Leng Navatra 6A demonstrated earlier this 12 months, urging the ministry to intervene after greater than 5 years of development delays. Round 1,500 homes remained unfinished, ministry official Som Monorom stated in January, when he additionally steered authorities could freeze Navatra’s property.
The Land Administration Ministry didn’t instantly reply to a request for remark.
Navatra, who has donated tens of millions of {dollars} to the federal government, stated the venture has been a “extreme monetary loss” and acknowledged the delays and money owed patrons face.
“I offered the 6A venture for a complete of $185 million, however to this point I’ve spent $221 million on it, with an estimated $20 million to $30 million extra probably wanted for completion,” he stated.
He claimed he provided all of his household’s property – together with land, automobiles and properties – to authorities, although some are tied up in debt and might not be sellable to repay patrons or full the venture.
He additionally stated he requested that his and his siblings “Oknha” and “Neak Oknha” titles – honorifics awarded to people who donate at the very least $500,000 to the federal government – be revoked, including that he was ready to simply accept authorized punishment over his firm’s failure to finish the venture.
Some patrons have reported progress in resolving their instances. Lay Hengtong stated he obtained his residence within the borey from the ministry in February after a number of years’ delay, however the title continues to be being processed.
Hengtong stated he nonetheless intends to hunt compensation from Navatra’s firm for failing to honor its 2021 contract, which he stated promised to finish development inside two years and to pay $200 a month for each month previous the agreed completion date. He’s demanding $2,200 in compensation.
“He has to reply and supply compensation,” Hengtong stated. “He can not keep away from accountability just by issuing an announcement. If he ignores us, we’ll take the matter to courtroom.”
