November 12, 2025
PHNOM PENH – Cambodian businessman and Senator Ly Yong Phat, founder of the LYP Group, has strongly rejected Thai media reports which link him to cybercrime and money laundering networks, calling the allegations “fake and damaging to his reputation”.
He denied reports claiming that Thai authorities raided 36 properties and froze assets worth 400 million baht ($12.3 million) allegedly tied to an online scam operation.
“The three locations — the house in Bangkok, a house and plot of land in Trat and an office — are residential and completely unrelated to any illegal activities,” Ly Yong Phat told The Post.
“The dissemination of this news has misled the public and harmed my reputation,” he added.
According to Yong Phat, on November 9, Thai police conducted simultaneous searches at three properties — one in Bangkok and one in Trat province — as well as a liaison office near the border.
He said the searches were lawful, carried out by about 30 officials at each site and no illegal evidence was found.
“After the inspection, the police called my staff to provide fingerprints and confirm that nothing was damaged. Then they left,” he recounted.
“The searches were legal and peaceful — but the media showed footage claiming my properties were part of a scam raid, which is completely untrue,” he continued.
He explained that the Anti-Money Laundering Office (AMLO) had previously seized assets in Thailand, but none of them were in his name.
On October 21, news spread that the AMLO had seized assets worth over 70 million baht ($2.1 million) belonging to Yong Phat.
The Ohkna claimed that neither of his Cambodian name, or his Thai name, Phat Suphapha, were involved in the action to freeze 70 million baht.
He added that two weeks ago, Thai sources reported that 350 million baht ($10.8 million) had been frozen under the names of Ly Yong Phat or Phat Suphapha. This was also untrue, he said.
On November 9, when Thai authorities searched his and his relatives’ properties, news emerged that an additional 400 million baht had been frozen.
“Three times now, the media has reported that assets were frozen, but not one baht was under my name,” he said.
“They used my image and name to attach to this story, and it’s unfair as its fake news,” he told The Post.
Ly Yong Phat, who also serves as President of the Oknha Association, said the reports have caused serious damage to his standing and he questioned the ethics of the Thai outlets that circulated the claims.
He appealed to the Thai media to report the truth and correct the information.
“If they searched three houses, it should be reported as three — not thirty-six,” he said.
“As a businessman, such misleading reports not only hurts my reputation but also affects the thousands of Cambodian workers under my family’s group,” he continued.
The tycoon, widely known for his contributions to infrastructure, tourism and social development projects in Cambodia, suggested that political and business motives may be behind the allegations.
“I have been in the casino business for more than 20 years and always operated legally,” he noted.
When the Covid-19 pandemic hit, the casino business was closed down, and he turned to renting the buildings to third parties, in accordance with Cambodian law.
“I am a target because I am President of the Oknha Association and a close friend of the Kingdom’s leaders and have business at the borders,” he told The Post.
He said the raids and repeated reports of asset freezing have damaged his credibility and affected his reputation.
Despite the accusations, Yong Phat expressed confidence that the truth will prevail through legal means.
“I still have hope because the accusations are false,” he said.
“It is difficult given the current situation, but I believe justice will clear my name,” he added.
Yong Phat, originally from Thma Sar district in Koh Kong province, recalled fleeing to Thailand during the Khmer Rouge era before returning to Cambodia decades ago to invest in national development.
He said he had “no hidden wealth” for authorities to seize and that his business operations have always been conducted openly and lawfully.
“I don’t operate scam centres. I built my company with my own hands, and I have always contributed to Cambodia’s growth,” he said.