According to WRM (2009):
On April 8 2009, it was announced by the daily newspaper Phnom Penh Post that a joint rubber deal had been signed, between “France’s Socfina and the Khaou Chuly Group to create 10,000 hectares rubber plantation and processing facilities in Mondulkiri”. The President of Khaou Chuly declared that “his company was providing 30% of the total capital, with the other 70 percent to be supplied by the French company.”
In fact, the name of Socfina seems to be wrong as everybody on the field talk about Socfin. According to our research, this company is based in Cambodia, directed by Philippe Monnin, a French expert in rubber plantation who worked for years as consultant for the Cambodian ministry of Agriculture on projects of family scale rubber plantations in Kompong Cham province.
On the web (www.socfinal.lu) it appears that Socfin KCD is owned at 60% by Socfinasia, with is held at 53% by Socfinal, a holding based in Luxemburg. Socfinal is a mixed group, which is controlled by Belgian families, amongst them the Fabri, and held at 38% by a French financial and agribusiness group, lead by Bolloré. Questioned on the main shareholders of Socfin in Cambodia, a source gave the names of the French Vincent Bolloré, and the Belgian Hubert Fabri. Two names that come again and again in this galaxy. So Socfin KCD is one of this constellation of companies involved in the rubber plantations in Ivory Coast, Nigeria, Congo (RDC), Kenya, Cameroon, Liberia and Indonesia and… Cambodia. A recent article by the French newspaper Le Monde diplomatique informs us about the activities in Africa of the Bolloré group (Port, rail, plantations: le triste bilan de Bolloré au Cameroun, www.monde-diplomatique.fr April 2009).
Socfin KCD is also one of these subsidiary companies of companies founded with cross holdings, a system that allows the shareholders, always the same small group of persons, to save a maximum profit and pay minimum taxes. Of course they are located in tax havens where the profits disappear. A very interesting investigation written by a French journalist, Martine Orange, has been published in February 2009 by the web newspaper Mediapart (the investigation is available at this address: www.mediapart.fr/files/Bollore_iliad.pdf).