Cambodia Insight Editor-in-Chief Choi Young-jo
Established in 2007, Bun & Associates, plays a central role in various transactions, policies, and legislation in Cambodia. Attorney-at-Law Currie Sun Min Lee, Esq., who founded and heads the Korea Desk at Bun & Associates, provides practical legal services and advice to Cambodian companies and organizations. her diverse background before coming to Cambodia. Cambodia Insight conducted an interview with Lee, focusing on her experience and insights into the Cambodian legal market. “The Korea desk will specifically focus on serving not only Korean investors but also Cambodian and Cambodia-situated clients working with Korean business in multiple sectors,” said Lee, who is a Korean international lawyer licensed in New York and is fluent in Korean and English. Bun & Associates Korea Desk is not just a service; it’s a commitment.
Our Korea Desk is led by a Korean practitioner and tasked with a dedicated team of multilingual & multinational legal and tax professionals providing customized advice to the increasing influx of Korean investors interested in pursuing businesses opportunities in Cambodia.
Bun & Associates is Cambodia’s leading and largest local legal and tax firm. For over 17 years, we have been at the centre of the deals, policies and legislations that have transformed Cambodia and continue to work closely with Cambodian, regional and multinational corporates, government agencies and supranational organisations.
With its combined Korean communication & cultural capabilities and locally established legacy, Bun & Associates’ specialized Korea Desk is able to strategically and seamlessly serve Korean investors to sustainably and synergistically succeed in their investments.
We strive to provide Korean clients with proactive, pertinent and practical assistance and access to a local network of potential partners with localized insights and initiatives.
Pursuing International Law
Q: You spent your childhood in Korea, Canada and the United States and later studied law in several countries from China to Switzerland. What prompted you to major in international law?
CL: I decided to specialize in international law because I was curious about the world order (childhood nickname: Curious Currie). As a child I dreamed to be a designer (another lifetime story) or an international correspondent reporting on stories globally (especially in conflict zones). However, my parents forbid me from pursuing either ambition, the compromise being my permitted to pursue a career in corporate law. Laws and regulations are the foundation of any societal system: without it there is no order whether locally, regionally or internationally. Personally, I still dream to at least visit each capital in every country before I travel becomes difficult.
I hope to have the luxury of being exposed to all cultures and communities as I truly believe there is something to learn from anyone regardless of their gender, race, social status, religion, nationality/ethnicity or other distinguishing factor(s). Professionally, I believe with increasing multilateral treaties (albeit the recent regression or digression in some states), the world will soon become international with demarcations superficial and delimitations superfluous. Even individuals and companies who operate locally are impacted by geopolitics and macroeconomics regardless of whether they have regional or international expansion objectives. To better service clients, especially more synergistically, practically, strategically and commercially, I believed I needed as much exposure to different legal systems with differing policies and practices as possible.
For those not legally versed, there is a divergence not only in the laws of varying countries but also in the structures of legal systems themselves: civil law vs common law. Civil law approaches the law with statutory codes; whereas, common law aims at legal precedents (previous judicial rulings or stare decisis) when deciding cases. My civil law education trained me to precisely interpret and apply statutory codes; whereas, my common law education trained me to be more flexible in my perspective and creative in my problem solving of client matters.
Academic Journey and Career Impact
Q: You completed LL.M. programs at several prestigious universities, including the Graduate Institute of Geneva, Peking University, and Tsinghua University. How did your academic experiences influence your legal career?
CL: Though admittedly they are the most prestigious universities particularly for their specialisms, I chose these institutions for reasons not necessarily for their global prestige. The Graduate Institute Geneva’s Masters in Dispute Settlement is the world’s leading institution for international law, including international dispute resolution—only three Koreans have graduated from this program. However, I selected this school more for its faculty which included scholars and specialists from organizations such as the WTO, UN, WIPO, arbitration institutions and both famous and infamous experts such as Gary Born (the godfather of commercial arbitration). I also chose Geneva for the city itself, as it is the heart of international law and multilateralism, which provided a unique playground for a legal global nomad such as myself (who also received her sailing certification there: future plans being to sail around the world).
I studied at Peking University and Tsinghua University following China’s recent accession to the WTO, a time when the international modern version of the “rule of law” was still developing in China. Though described as the “Wild West” or frontier lawlessness of Chinese law, the Chinese had their own local traditional legal systems which were being adapted to adjust to the nation’s need for internationalization and modernization. As a legal practitioner specializing in foreign direct investment law particularly in restrictive and regulated sectors required an insightful and innovative approach in interpreting and applying nascent laws and regulations. Navigating legal (and political) nuances in such an investment climate shaped and sharpened my ability to provide culturally and creatively oriented solutions for clients with problems amidst evolving regulations.
Application of International Experience in Cambodia
Q: How does your international academic and research experience help in your legal practice?
CL: Working across jurisdictions with both civil and common law systems has enabled me to meet clients’ needs and in adopting problem-solving strategies that are synergistic to all stakeholders. Local lawyers excel at narrowly answering localized legal questions by providing adept advice of the laws and regulations, but clients sometimes are unable to understand the broader commercial implications of the laws or regulations and are limited in their utilization of legal advice/advisors that are more legal than practical.
With my international experience spanning multiple sectors, I seek to bridge this gap, with legal advise or assistance aligned with client’s actual business realities. Bun & Associates has lawyers with different specialisms and diverse expertise so we are able to provide strategic guidance that incorporates business insights, regulatory foresight, and commercial acumen.
Legal Expertise in China and Cambodia
Q: You majored in Chinese civil and commercial law. How does your knowledge of Chinese law benefit your work in Cambodia?
CL: I was responsible for M&A and foreign direct investment (FDI) in China, operating in an environment where laws and regulations were being drafted as the nation was developing. An example being the absence of a Property Law in the first few years of my practice. Similar to Cambodia, new laws and regulations were being enacted which diverged from before the client’s market entry decision and engagement of our law firm and thereafter. This required me to address clients’ issues which where challenging. However, I truly believe challenges are opportunities in disguise.
My specialization in advising and assisting clients entering a highly restrictive, regulated market, translates well in practicing law in Cambodia, where businesses are often required to navigate evolving laws and regulations to ensure long-term sustainable success. Cambodia now has sophisticated laws and regulations which are being enacted with the guidance of legislators assisted and advised by law firms such as Bun & Associates.
Decision to Work in Cambodia
Q: What prompted you to work as a lawyer in Cambodia?
CL: Before coming to Cambodia, I worked at King & Wood in Beijing, focusing on FDI and M&A, and at Grandall Law Firm, where I specialized in luxury, fashion, lifestyle, and entertainment law. I also specialized in practice development, assisting and advising the firm on creating new practice groups with specific services to meet the constantly changing needs of clients.
My educational background includes a Juris Doctor (JD) in Common Law from the University of Victoria in Canada, an LL.M. in Chinese Civil Law from Peking University, an LL.M. in International Law from Tsinghua University, and an LL.M. in International Dispute Resolution from the Graduate Institute Geneva (MIDS).
Additionally, I have launched ethical and environmentally sustainable luxury brands, featured in publications such as Vogue, Harper’s Bazaar, Elle, and CNN. I have advised numerous multinational luxury brands on entering emerging markets and developing strategies.
My multicultural and multidisciplinary expertise allows me to navigate transactions in early-stage M&A regulatory environments like Cambodia. The country’s dollarized economy, abundant resources, regional connectivity, and young, tech-savvy population offer tremendous investment potential.
I have also previously launched an ethically and environmentally sustainable luxury brand and has been featured in the media from VOGUE, Madame Figaro, Harper’s BAZAAR, L’Officiel, SELF, Marie Claire, ELLE, National Geographic, TATLER, Travel & Leisure, CNN and CCTV etc. As a previous “Business Women to Watch”, Tatler’s Top 8, “Top 100 Business Influencers” and entrepreneur, I have also consulted for multinational luxury brands on their entry into and strategy development within emerging markets.
I also lecture on M&A at RULE. I believe my multinational, multifaceted, multicultural and multisectoral experience which provides me with a holistic perspective nuanced to the complexities of the characteristics common to transactions in nascent M&A regulatory regimes such as Cambodia. I am able to relate, and be conversely relatable, to law firms and corporates in providing truly targeted and tailored services as am able to “think like an entrepreneur” to quote my clients.
What made me move to Cambodia was personal in the sense that I had/have many friends here who made Cambodia home but also professional in the sense that I see the immense potential for investment particularly given its dollarized economy, untapped/undertapped resources, regionally strategic centralized location and its dynamic, young, tech savvy, English speaking (and writing) population.
Bun & Associates’ Role in the Cambodian Market
Q: What differentiates Bun & Associates in Cambodia’s legal sector?
CL: Bun & Associates is Cambodia’s largest law firm by headcount, with the highest number of lawyers admitted to the New York State Bar, including myself. It is also the only Cambodian firm operating a dedicated Korea Desk, headed by a Korean with multilingual legal and tax lawyers providing full services each with their own specialism.
However, Bun & Associates Korea Desk is not just a simple service—it’s a commitment to supporting Korean investors in Cambodia to maximize synergistic and strategic opportunities. We synthesize our Korean language capabilities and cultural competencies with a holistic understanding of the local legal framework to provide seamless services for Korean businesses who are entering or operating in the local market.
Bun & Associates has been at the forefront of major transactions, policies, and legislations that have shaped Cambodia’s growth. Our excellence has been recognized by AsiaLaw, Chambers and Partners, IFLR 1000, Legal 500, and IP Stars, cementing our reputation as Cambodia’s top corporate law and tax firm.
Legal Challenges and Considerations for Korean Investors
Q: What are the most common legal inquiries from Korean companies and investors?
CL: Most inquiries involve market entry, investment structures (fromlicensing to QIP/EQIP/GIP), M&A opportunities, dispute resolution and recently review of trust agreements. Unfortunately, many Korean investors enter the market without proper legal advise, assistance or even agreements and only seek legal counsel when conflicts arise, focusing on damage control rather than risk prevention.
Q: Could you share a particularly notable case from your time in Cambodia?
CL: I start my semester for my M&A course with one of my favorite quotes by Roger L. Martin from Harvard Business Review: “M&A is a mug’s game: Typically 70%–90% of acquisitions are abysmal failures”.
Though many failures are a result of a lack of due diligence or disappointment (never discount human hubris), most are at the post-merger integration stage with transactional complications creating transmutable complexities. However, Cambodia’s approach is notably more human-centric and prioritizing sustainable synergies. Though there is admittedly a lack of documentation, from independent audited financials or valuations, this ismore reflective of many businesses, even large diversified conglomerates, being structured as family offices rather than a refusal to disclose. As challenges are translatable into opportunities, investments into or with such companies have the potential to be extremely lucrative, however, we do strongly suggest working with legal, tax and advisory firms and exercise strategic caution.
Cambodia’s Legal System and Business Environment
Q: What distinguishes Cambodia’s legal system from others?
CL: Cambodia is undergoing rapid legal development, introducing new laws, regulations, policies, and practices. While this comes with growing pains, the country’s past resilience and present optimism drive its continued development which is being accelerated with China Derisking and Cambodia Plus One strategies. Cambodians view challenges as opportunities, a characteristic that I truly believe will sustain Cambodia’s evolution, similar to our Miracle on the Han River (though on the Mekong).
Advice for Foreign Investors
Q: What are the key legal considerations for foreigners investing in Cambodia?
CL: Avoid relying on political connections (“guanxi”). Many Korean investors believe high-ranking government officials can provide procurement of and protection to investments. However, this involves increased risk as protection is limited to one person who may fall out of favor (or may not be transparent) and procurement is also limited to one person who may not be providing comprehensive opportunities. Every Cambodian Ministry has proper investment protocols in place so following proper procedures, including conducting extensive due diligence through a reputable law, tax and advisory firm is advisable. Moreover, Cambodia and Korea have both multilateral and bilateral treaties which Korean investors can leverage and rely on such legal frameworks for the protection of their investments.
Future Legal and Business Trends in Cambodia
Q: What is your outlook on Cambodia’s business and legal environment?
CL: Cambodia has the advantage of learning from other countries’ legislative “trial and errors” and political stability. Moreover, the current administration is internationalized and committed to adopting the most suitable laws and regulations that have been not only screened but also specialized to meet the needs of Cambodia and its international investors. With time, I trust this will in turn translate into a more transparent and investor-friendly legal system.
Q: What advice do you have for aspiring international lawyers?
CL: Lawyers need more than legal education or expertise—they must truly understand their client’s business objectives and provide commercially viable solutions to the actual problems posed. Targeted and tailored problem-solving skills will be critical in the AI era when regurgitating laws and regulations will become obsolete.
Q: What are your future goals in Cambodia?
CL: I aim to support Korean investors in achieving sustainable, synergistic and strategic success in Cambodia through provided practical and commercialized legal advice and assistance while alleviating some of the limitations in legal education as a professor at RULE University with a more . holistic perspective nuanced to the complexities of the characteristics common to transactions in nascent M&A regulatory regimes such as Cambodia.
