Cambodia PM's Cousin Confirms He Held 30% Stake in Sanctioned Huione Pay Linked to $4B Laundering

Hun To, cousin of Cambodian Prime Minister Hun Manet, has disclosed that he previously held a 30% ownership stake in Huione Pay, a payment firm acting as the banking arm of Huione Group—a company sanctioned by the United States and United Kingdom over allegations of a $4 billion crypto laundering operation. Hun To's lawyer released a statement confirming the stake, marking the first direct acknowledgment linking the premier's family to the sanctioned entity.

Huione Pay's banking license was revoked last year after regulators found the company noncompliant with financial oversight requirements. According to Hun To, he held no managerial authority within the firm and did not contribute the required cash capital corresponding with his 30% share. He further stated he never received profits, dividends, or assets from Huione Pay, and was never invited to shareholder meetings or assemblies. The businessman characterized his involvement as entirely passive, though the disclosure places his family name alongside a company flagged by Western governments for facilitating large-scale cryptocurrency fraud.

The revelation intensifies scrutiny over Cambodia's financial sector and its entanglement with organized scam operations. Huione Group and Prince Group—another South Asian crypto scam conglomerate—were jointly sanctioned by the US and UK in 2024. The timing of Hun To's admission, delivered through legal counsel, suggests pressure to preempt further reporting or official investigation. Analysts warn the case could strain Cambodia's diplomatic standing as Western regulators deepen their focus on financial networks enabling human trafficking and cyber fraud across Southeast Asia.