Cambodia Investment Review
Chief (Cambodia) Commercial Bank Plc has sought to reassure customers and stakeholders that a court-ordered asset freeze involving main shareholder Chen Yueming will not affect the bank’s operations, describing the matter as a private property dispute unrelated to the lender’s business.
The Phnom Penh Municipal Court issued provisional seizure and enforcement orders on August 21, 2026, covering specified bank accounts, corporate shares and 91 real estate titles linked to several respondents. The measures relate to an alleged outstanding payment of $59 million arising from a property transaction in Preah Sihanouk province.
The documents seen by Cambodia Investment Review identify Chen—also named as Chen Shixuan—as the 99 percent shareholder of Asian Business Group Co., Ltd. Asian Business Group acquired Chief Bank from its former Hong Kong-based owner in 2025 following regulatory approval.
A Chief Bank spokesperson said the provisional measures concern assets linked to the shareholder and do not freeze, suspend or otherwise restrict the bank’s wider operations.
“Our operations are going normally now,” the spokesperson said.
The orders are provisional measures intended to preserve specified assets while the underlying dispute proceeds through the legal system. They do not represent a final judgment that the respondents owe the amount claimed or have committed wrongdoing.
Chief Bank Rejects Direct Involvement in Transaction
Chief Bank said the dispute arose from a transaction involving the Blue Bay development in Preah Sihanouk province and maintained that neither the bank nor its shareholder was a contractual party to the sale and purchase agreement.
According to the bank’s spokesperson, the shareholder’s involvement was limited to introducing the buyer to the seller. The spokesperson said legal action was being taken to clarify the shareholder’s position and protect their legal rights.
This differs from the preliminary account contained in the translated court order, which identifies the shareholder as the “actual buyer” and another respondent as their representative. These remain competing claims that have not been determined through a final judgment.
Under Provisional Seizure Order No. 468, the court ordered restrictions on specified assets up to the value of the $59 million claim.
The measures cover funds held in accounts belonging to the named respondents, a 99 percent shareholding in Asian Business Group and 91 private-unit ownership certificates registered to Blue Bayou Investment Co., Ltd.
A separate enforcement order prevents the respondents from withdrawing, transferring or disposing of money held in the identified accounts. Financial institutions holding those accounts were instructed not to transfer funds, release cash or allow withdrawals for the benefit of the named account holders.
However, the documents do not direct Chief Bank to suspend its services, freeze general customer accounts or halt any part of its banking business. Customers can continue accessing the bank’s services as normal.
Dispute Linked to $80 Million Property Agreement
According to the translated court documents, the dispute concerns an agreement signed in December 2025 for the purchase of the Blue Bay project for $80 million.
The seller allegedly received an initial $5 million payment in January 2026 and a further $16 million in February, leaving $59 million outstanding.
Four post-dated cheques were reportedly issued for the remaining payments. The first two, valued at a combined $21.5 million, were returned because of insufficient funds, according to bank notices cited in the court documents.
The seller alleges that the outstanding amount remained unpaid after private-unit titles were transferred to Blue Bayou Investment. The court subsequently imposed provisional restrictions on 91 titles connected with the development.
The respondents may seek the release of the seized assets by depositing $59 million with the court and retain the right to challenge the orders under Cambodia’s Code of Civil Procedure.
Bank Continues Normal Operations
A spokesperson for the Association of Banks in Cambodia said the court measures relate to identified assets arising from the property transaction and are intended to secure the seller’s claimed outstanding payment.
The association also confirmed that the orders do not require Chief Bank’s operations to be frozen or suspended.
Chief Bank came under new ownership in 2025 after Asian Business Group acquired all of its shares in a transaction approved by the relevant Cambodian authorities. The bank began operating as a specialised bank in 2013 and obtained its commercial banking licence in 2018.
As of December 2024, Chief Bank reported deposits exceeding $188 million and total assets of more than $278 million.
The allegations remain subject to objection and further legal proceedings. A provisional seizure preserves assets while a claim is considered and does not constitute a final determination of liability.
