Phnom-Penh, 10th May 2006 - Lawyer of expropriated French investor demands Cambodian Prime Minister to abide by Investment Protection Treaty.
In a letter sent today to Prime Minister Hun Sen of Cambodia, M. Etienne Rocher, defender of the demise insurance company Indochine Insurance, notes that the Cambodian “Government has decided to continue ignoring the provisions of the Agreement for Promotion and Protection of Investments signed between France and Cambodia”.
M. Rocher reminds that Prime Minister Hun Sen himself had committed to settle the dispute when he met President Jacques Chirac in Paris on 19th September 2005. M. Rocher conducted negotiations in Phnom-Penh with the Ministry of Economy and Finance in November 2005, but the outcome of the meetings showed no sign of willingness by Cambodian Authorities to compensate the owner of Indochine Insurance, M. Philippe Lenain, a French citizen.
The Lawyer concludes that his client has now no other choice than to spread the matter “in front of the political, economic and financial community, in France but also in Cambodia, and to the international community at large, so that it be clearly established that [the Cambodian] Government has no intention whatsoever of respecting its international signature as far as foreign investors are concerned”.
In November 2004, M. Lenain took refuge with his family in the French Embassy of Phnom-Penh while armed forces raided the head office of his company, Indochine Insurance, which dominated the market since 1993. M. Lenain established since then, with French authorities, that the French - Cambodian Investment Protection treaty has been violated, and claims 4 millions US$ in compensation.
Details and press review available at http://www.indochinegate.com
In a letter sent today to Prime Minister Hun Sen of Cambodia, M. Etienne Rocher, defender of the demise insurance company Indochine Insurance, notes that the Cambodian “Government has decided to continue ignoring the provisions of the Agreement for Promotion and Protection of Investments signed between France and Cambodia”.
M. Rocher reminds that Prime Minister Hun Sen himself had committed to settle the dispute when he met President Jacques Chirac in Paris on 19th September 2005. M. Rocher conducted negotiations in Phnom-Penh with the Ministry of Economy and Finance in November 2005, but the outcome of the meetings showed no sign of willingness by Cambodian Authorities to compensate the owner of Indochine Insurance, M. Philippe Lenain, a French citizen.
The Lawyer concludes that his client has now no other choice than to spread the matter “in front of the political, economic and financial community, in France but also in Cambodia, and to the international community at large, so that it be clearly established that [the Cambodian] Government has no intention whatsoever of respecting its international signature as far as foreign investors are concerned”.
In November 2004, M. Lenain took refuge with his family in the French Embassy of Phnom-Penh while armed forces raided the head office of his company, Indochine Insurance, which dominated the market since 1993. M. Lenain established since then, with French authorities, that the French - Cambodian Investment Protection treaty has been violated, and claims 4 millions US$ in compensation.
Details and press review available at http://www.indochinegate.com
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