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Account holders lined up at a Panda Bank branch in Phnom Penh’s Toul Kork district on Thursday after applying for “partial compensation” payouts, following the central bank’s decision to revoke the lender’s license and place it into liquidation in February over what it said were deteriorating finances.
Morrisonkak Audit-Accounting, the liquidator appointed by the National Bank of Cambodia (NBC), said on March 27 that customers who had submitted claims could visit the bank on Thursday to receive payouts.
Payments to depositors will continue as the firm converts the bank’s assets into cash, it said.
Before Panda Bank’s license was revoked, a CamboJA News report last year found overlaps in its senior leadership and directors with Huione Pay, a blacklisted payment firm accused by the United States of laundering billions of dollars for online scam networks.
Huione’s director was arrested and extradited to China on Wednesday, where authorities suspect him of multiple crimes including fraud and concealing criminal proceeds.
More than 100 customers gathered at Panda’s Toul Kork branch on Thursday morning, a CamboJA News reporter observed, with military police stationed inside and outside the bank.
The Panda Bank logo had been removed from the building’s exterior, though signage remained inside.
A list posted near the lobby entrance showed which customers were eligible to receive funds, a liquidator who declined to be named said. She added that the bank is processing payouts for around 150 customers per day, with withdrawals capped at $20,000 per person.
Another liquidator said the bank would continue paying out depositors until its funds are depleted. Several customers said they had not yet been contacted by the liquidator or bank, but came to get more information.
Morrisonkak Audit-Accounting said some of the bank’s assets have already been converted into cash, allowing partial payments to customers.
One customer, who requested anonymity over privacy concerns, said she had deposited money at Panda for more than six months due to the high interest rates it offered. She said the bank and the liquidator told her she could receive her money after being contacted and confirming her name on a list of claim applicants, with an appointment scheduled for next Monday.
