Cambodia's Prime Minister Hun Sen speaks during the launching of Cambodia Securities Market Project at a hotel in Phnom Penh September 6, 2007. REUTERS/Chor SokuntheaPHNOM PENH, Sept 6 (Reuters) - South Korea has agreed to help Cambodia set up a stock exchange, the latest sign of the Southeast Asian nation's recovery from the devastation of Pol Pot's "Killing Fields".
Seoul would spend $1.8 million on training and help set up the technology of the modern stock market Cambodia planned to open in 2009, Prime Minister Hun Sen said on Thursday, three months after announcing the country would set up a bourse.
Young-Tak Lee, chairman of the Korean Exchange (KRX), said the assistance would include helping establish rules and regulations as well as the technological side.
"It is necessary to foster the growth of domestic securities companies and prevent the market dominance by the foreign investors and securities companies," Lee said in a still poor country where a 30-year civil war ended only in 1998.
"We expect to see the grand opening of the Cambodia securities market in the second half of 2009," he said.
South Korea is a leading investor in Cambodia and a group of its investors plan to build a $2 billion new city near Phnom Penh to include a financial centre.
Seoul would spend $1.8 million on training and help set up the technology of the modern stock market Cambodia planned to open in 2009, Prime Minister Hun Sen said on Thursday, three months after announcing the country would set up a bourse.
Young-Tak Lee, chairman of the Korean Exchange (KRX), said the assistance would include helping establish rules and regulations as well as the technological side.
"It is necessary to foster the growth of domestic securities companies and prevent the market dominance by the foreign investors and securities companies," Lee said in a still poor country where a 30-year civil war ended only in 1998.
"We expect to see the grand opening of the Cambodia securities market in the second half of 2009," he said.
South Korea is a leading investor in Cambodia and a group of its investors plan to build a $2 billion new city near Phnom Penh to include a financial centre.
9 comments:
Just shut the fuck up, monky
Are there any room left in Prey Sar prison for all the Khmer CPP members for the inside trading practice in Phnom Penh?
KULEN MONOROM
You are a good sight planer 6:07!
But stay away from Phnom Penh, they will bed you in Hotel Prey Sar, for better place for planner!
How on Earth can anyone invest in Cambodia's stock market, when it's leaders are corrupt as hell? Ok, maybe buy only Kith Meng's company stock, because you can't loose on that one. Monopoly and hun sen's 100% corruption support.
In addition, companies are not transparent. It would be like a mini Eron running all over the place, but worse.
SX is necessary to accompany the development of Cambodia.
Cambodian SX managed and controlled by the Koreans, will be probably a knockabout farce due to:
- complete ignorance and incompetence in this field of Cambodian side,
- Cambodian accounting and auditing systems are not up to standards currently, the profession is still viewed by the authorities as part of the MoF through the National Accounting Council, therefore the independence of the current fledgling profession is totally set aside. Some professionals exercise their art without any control and sometime with very low quality.
- Auditing up to international standard and financial statements transparency are the key success of the SX, the Koreans, during their “preparatory work” to set up this SX, never contacted officially the representatives of the profession.
Without further comment on the technicality on this Khmer- Korean’s SX, even novice can say: the Koreans are in this case putting the cart in front of the oxen – Mettre la charrette devant les boeufs. Il vaut mieux qu’ils utilisent leur 1.8 millions de Dollars pour bien préparer la fondation de cette Bourse des valeurs que de se lancer à bras le corps dans l’inconnu total de cette manière. Le Premier Ministre mérite d’être mieux conseillé que cela dans cette affaire!!!
what are you talking about , man! just give them supports I think they are working on it .. and this is how we start to become more like other countries. Cambodia wont be fully depend and capable on her self for another say .. 20 years. because we lacks of human resources. I 'm glad we are moving forward !!!! not backward. so give them support please. curruption happens in every poor countries. as long as we are taking steps.. we will get there. chill out! I hope the benefit will pass on to the poor! thanks !
This is a positive move for Cambodia. Without capital markets will assist Cambodian businesses needing to expand. Expansion means more jobs for Cambodians. Even the Palestine Liberation Organization territory has a stock market. Without the assistance of the S.Korean exchange, Cambodia would have to wait years before one could be set up.
There are issues that must be addressed in any new capital markets law. One is that there needs to be an independent Securities Exchange Commission to oversee the listed companies. The other issue is that the stock exchange should be private not owned by the government. Accounting standards should not be an issue because there are sufficient international CPA firms that have been in Cambodia operating for a number of years, and using GAAP international standards for audits. Once established other international CPA firms and other financial support services will come to Cambodia as well. Another concern is where the SEC as an quasi independent body will be under in the RGC. The last time the draft capital markets law came before the inter-ministerial council of the Council of Ministers, it died because there was no agreement as to where the SEC would be placed- under the Council of Ministers or under Ministry of Economy and Finance. Most forward thinking countries now place it under the prime minister as apposed to finance i.e. Japan which changed it from finance to the PM’s office. The new capital markets law will probably require three years of audits to qualify for making an IPO application. Most Cambodian companies are family owned and run, therefore accounting records are poorly kept, and as such, will not pass muster as far as the outside audits are concerned. It will take education for those companies to conform, but some will. In the end it’s a learning process for not only companies that want to be listed but also for the staff who will man the SEC and the stock exchange. Look at VN which started a few years ago with a stock exchange- and that in a country in which most large industries are government owned. Their SM has grown and companies that have listed have increased there cap value by one-third, so now companies are eager to make necessary changes to get their financial house in order so they can qualify for listing. This can only be a good thing for Cambodia! I urge support and let the learning process begin.
Fuck Cambodia. Thais built the Angkor Wat and you ungrateful bastards better acknowledge.
You're sure about that? Maybe you need a history book...oh I'm sorry I forgot you don't have history to read about, you thais just like to make one up yourself.
Post a Comment