By Mondol Keo
Radio Free Asia
Translated from Khmer by Heng Soy
The opposition party has criticized a draft law proposed by the government for the approval by the National Assembly to provide government guarantee to 2 Chinese companies that will invest in hydroelectricity in Cambodia.
SRP MP Son Chhay told RFA on 15 May that among all the countries in the world, there is no country which forces its parliament to approve a law for the government to guarantee the payment of compensations to a company if that company’s investment encounters any problem.
Son Chhay added that normally, for foreign investment, all that is needed is an agreement between the parties involved or the ministry involved, there is no need for a law.
Son Chhay said: “This is not only opposite to the international business standards, it is also against our law. As a parliament, our duty is to draft laws for the state to govern the country, under the rule of law, and we also approve international treaties, agreements, and conventions. But when they (government) ask us to guarantee the Chinese loans for Chinese companies without any price bidding, without transparency, this is against the law.”
However, Chiem Yeap, the chairman of the finance, economy, and banking committee of the National Assembly, explained that this is normal, and other countries are also taking this step, especially, countries that are under development need foreign capital investment, and the law would be approved to provide confidence to foreign investors. Chiem Yeap believes that there is nothing wrong at all about such law.
Chiem Yeap said: “It is the duty of the state to guarantee so that it provides confidence to the foreign investors, and for them to invest in Cambodia.”
Nevertheless, Monh Saphan, Funcinpec MP, said the drafting of a law in order to obtain financial investment is not against the Constitution. However, the need for such law indicates that foreign investors do not trust the justice system in Cambodia.
Monh Saphan said: “Their (foreign countries) law is equitable, their court system is fair, therefore, the lenders have trust. [But] in our country, it is different, first, the application of the law is not done correctly, second, the court is unfair.”
This is the second time that the Cambodian National Assembly is forced to approve a law to guarantee payment to a Chinese hydroelectricity investment company.
The names of the 2 Chinese companies involved in the investment of hydroelectricity are: China Yunan, and Yunan Southeast Asia, and the investments made by these two companies amounts to $255 million.
SRP MP Son Chhay told RFA on 15 May that among all the countries in the world, there is no country which forces its parliament to approve a law for the government to guarantee the payment of compensations to a company if that company’s investment encounters any problem.
Son Chhay added that normally, for foreign investment, all that is needed is an agreement between the parties involved or the ministry involved, there is no need for a law.
Son Chhay said: “This is not only opposite to the international business standards, it is also against our law. As a parliament, our duty is to draft laws for the state to govern the country, under the rule of law, and we also approve international treaties, agreements, and conventions. But when they (government) ask us to guarantee the Chinese loans for Chinese companies without any price bidding, without transparency, this is against the law.”
However, Chiem Yeap, the chairman of the finance, economy, and banking committee of the National Assembly, explained that this is normal, and other countries are also taking this step, especially, countries that are under development need foreign capital investment, and the law would be approved to provide confidence to foreign investors. Chiem Yeap believes that there is nothing wrong at all about such law.
Chiem Yeap said: “It is the duty of the state to guarantee so that it provides confidence to the foreign investors, and for them to invest in Cambodia.”
Nevertheless, Monh Saphan, Funcinpec MP, said the drafting of a law in order to obtain financial investment is not against the Constitution. However, the need for such law indicates that foreign investors do not trust the justice system in Cambodia.
Monh Saphan said: “Their (foreign countries) law is equitable, their court system is fair, therefore, the lenders have trust. [But] in our country, it is different, first, the application of the law is not done correctly, second, the court is unfair.”
This is the second time that the Cambodian National Assembly is forced to approve a law to guarantee payment to a Chinese hydroelectricity investment company.
The names of the 2 Chinese companies involved in the investment of hydroelectricity are: China Yunan, and Yunan Southeast Asia, and the investments made by these two companies amounts to $255 million.
10 comments:
Okay, now that everyone has spoken,
and the debate is over, let us take
a vote, and done with it.
Remember that if somethimg doesn't exist in other Countries, it does in Cambodia.
That is what we call opposition in Cambodia. Oppose all, say the contrary to all. That is the case of the comment of PM. Son Chhay.
To say that Cambodia has to garantee the foreign companies is very misleading. Without seeing yet the law and as a Cambodian, I would like to let our countrymen know that there are two cases:
1/ Cambodia borrowed money from China, and it manage loans, it is very right that foreing investors need the garantee of the loans in case that the government, in the future money might disapear some where and the project won't finish yet the government will have to pay to finish the project.
2/If Cambodia doesn't touch any money, it should be the responsible for the one who manage the funds.
For the two cases, the funds belongs to Cambodia, even as a borrower. So government has to garantee that the funds will be used to well finish the project.
So, the comment by PM. Son Chhay is just the populist purpose.In contrary, To do this (garantee the loans), in fact, will make government more responsible or accountable.
Nak Angkor
Phnom Penh
Yep, 3:33, and Ankor Wat only
existed in Cambodia also, no place
else.
In the fucken world of businesses, there is no such thing as guarantee and yes there is a waranty on the fucken products or services for a limited amount of time!!
dO THE CHINESE COMMUNIST ever know about some commone thing call Insurance?
If they don't know it try to go to the West to buy it from new country called TAIWAN!
HUN XEN ASK YOUR SON HE MAY KNOW ABOUT AN PRIVATE INSURANCE COMPANY FOR YOUR ACCOMPLICE ROBER FRIEND!
THE CHINESE DO NOT TRUST YOU, GO BACK TO THE VIETNAMESE, OK?
listen all your dumb crackhead.
i didn't sign that treaty or order to block krt, or ordered ah chink to come in, it was ah chor yuon who did it on their own and put the blame on me. I am ah hun kvak how can i see or know how to read?
i wanted to run away but ah chor yuon threated to kill me and my family members. what can I do if each time i am forced to talk. ah hok lundee is yuan and how many times he slept with mi j'rouk my wife? all the time. it hurts me so bad to see mee j'rouk did with ah chor yuon Hok in front of my face. :( :(
Who the fuck would want to be rip
off by insurance companies? They
are just a bunch of scammers who
only collect money, and don't pay
the claim. They always claimed
belly up, when time to pay claims.
Anyway, guy, give it up.
Bussinesses is our bosses, and the
bosses is always right. Am I wrong?
Okay, here's a deal with all this:
We should give them guarantee if
it is something that we caused
them any damage directly or
indirectly. However, if the project
failed due to their negligence,
planning, and competency, than
they are responsible for their
lost. I think that will be fair.
They are only looking for
protection from the tics and fleas
that might damage their 200
millions USD+ investment. I don't
see anything wrong with that.
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