National Assembly: Heated debate on the adoption of the stock market law12-09-2007
By Ky Soklim
Cambodge Soir
Translated from French by Luc Sâr
The CPP and the SRP are assaulting each others with arguments on the adoption of the stock market law.
The National Assembly held a debate on Tuesday 11 September on the stock market law. The draft law goes along with the initiation of a stock exchange planned for 2009. Keat Chhon, the minister of economy and finance, and opposition leader Sam Rainsy exchanged heated verbal arguments during the parliament session.
Opposition leader Sam Rainsy, himself a former Minister of Economy and Finance, announced that he supports the draft law because it serves to setg up of a stock market. But, Sam Rainsy doubts the independence and the honesty of government officials at the Securities and Exchange Commission of Cambodia (SECC). To Sam Rainsy, if the operation is not conducted well, the stock market could become a cheating place, a place where the "criminals will prosper." Having no confidence in the stock market, Sam Rainsy called on the public not to play the stock market.
Reacting to this argument, Keat Chhon explained that “the government is currently preparing laws to prevent the risk issues raised by Sam Rainsy, and that it is setting up this stock exchange.” The formation of the stock exchange is planned for 2009 with the support of the South Korean government. The cost of setting up of the stock market could vary between $10 to $15 million, and the development of this sector could create hundreds of jobs.
The National Assembly held a debate on Tuesday 11 September on the stock market law. The draft law goes along with the initiation of a stock exchange planned for 2009. Keat Chhon, the minister of economy and finance, and opposition leader Sam Rainsy exchanged heated verbal arguments during the parliament session.
Opposition leader Sam Rainsy, himself a former Minister of Economy and Finance, announced that he supports the draft law because it serves to setg up of a stock market. But, Sam Rainsy doubts the independence and the honesty of government officials at the Securities and Exchange Commission of Cambodia (SECC). To Sam Rainsy, if the operation is not conducted well, the stock market could become a cheating place, a place where the "criminals will prosper." Having no confidence in the stock market, Sam Rainsy called on the public not to play the stock market.
Reacting to this argument, Keat Chhon explained that “the government is currently preparing laws to prevent the risk issues raised by Sam Rainsy, and that it is setting up this stock exchange.” The formation of the stock exchange is planned for 2009 with the support of the South Korean government. The cost of setting up of the stock market could vary between $10 to $15 million, and the development of this sector could create hundreds of jobs.
7 comments:
Either S.Koreans look for laudrymat to launder dirty money and already paid the kickback sack to some government officials.
W.Bank wants Good Goovernance and Poverty reduction,Anti graft and corruption laws passed since when,but the Nat Ass did nothing to move that legislations.
Without such laws,Keat Chhon and Sok An will soon become the heads of SECC. Who says Keat Chhon is uncorrupted? Check his deposit slips each month from S.Korea bank wiring fund.
Keat Chhon did it before why stops now?
spend from 10-15 millions just to creat hundreds jobs? this amount of money can create thousands job for cambodian farmers. how many camboidian stock experts in cambodia? Buddha bless Cambodia.
GET THE SECC GOING, GOOD FOR COUNTRY, BUT THE FLIP SIDE BAD FOR THE PEOPLE. ALREADY, THE DISHONESTY IN THE GOVERNMENTS RUN AMOCK. WE HAVE THE WORLD WORSE GOVERNMENT AND INCOMPETENT OFFICIALS.
Two political parties are fighting for power. It is good that SRP raised the issue of potential corruption with the SECC, however, he should embrace the vision and effort going that benefit the country. I am sure outside of political realm, he is probably jealous. Remember, I am pro CPP or SRP, but I would like to politician fighting for the benefit of the country not personal gain. Stock market is the right direction for the country.
CAMBODIA WILL SET UP SILK STOCKING MARKET
WATCH OUT WOMEN!!!!!! THE MARKET WILL BE KICKED OFF IN 2009. YOU ALL WILL BE HIGH VALUE COMMODITIES BASE ON AGE AND APPEARANCE.
GOOD LUCK YOU ALL WILL BE RICH IN STOCKING EXCHANGES.
Mr Sam Rainsy is a true believer.
His life is dedicated to oppose someone ideas. Even if it's bring the benefit of the economy of cambodian's people.
I don't know if the SECC is good or bad. I remind all of us, once upon a time, Mr Sam Rainsy has pushed cambodian's government to be in the WTO (world trade organization). When Cambodia has finally in the WTO, he has saided that it's not for cambodian's people. That's a lack of credibility that I have saw from Mr Sam Rainsy. Correct me if I am wrong!
I think we need a leader of democracy in Cambodia !
For pushing of transparency laws and fighting against corruption, we need a leader like Mr. Sam Rainsy. what is your other alternative 6:11 AM?
Since we know the stock market in Cambodia will pass, because Hen Sen say so, we shall see how transparent these companies are. I hope they succeed. Oh, I do hope, but I doubt it will go smoothly. Corporation are corrupt, and combine that corruption with a corrupt government, I don't see much in the future of the Cambodian Stock market. But we'll pray and see.
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