By Riyaz ul Khaliq
ISTANBUL (AA) - Properties of those who fail to repay loans in Cambodia will be seized, the country’s prime minister said on Monday.
“Failure to repay the loan means breaching the loan contracts, so confiscation of the assets shall be done,” Hun Sen ordered banks.
Sen was addressing a graduation ceremony of around 4,000 students at Vanda Institute in the capital Phnom Penh. A transcript of his speech was released on Fresh News Asia.
The statement comes after some opposition groups had said they will “cancel all loan repayments if they win elections.”
Quinquennial general elections in the Southeast Asian nation are set to be held on July 23, 2023, to elect members of its National Assembly.
It will be the seventh general election held since 1993.
Sen-led Cambodian People's Party won all 125 seats in the last elections in 2018 after the banning of opposition parties CNRP and KNLF.
While CNRP was dissolved, the KNLF members operate in exile from Denmark.