PHNOM PENH, Feb. 6 (Xinhua) -- Cambodia's first informal court to resolve business disputes is moving forward for launch in 2009, with about 200 business and legal professionals already under training, said national media on Friday.
"A business dispute is not a good way to spend your time" and domestic and international disputes can be drastically shortened with an arbitration court, Renato Ganeo, manager of the training project, was quoted as saying by English-Khmer language newspaper the Cambodia Daily.
Uncertainty, inefficiency and high costs in the judicial court system, not only in Cambodia but around the world, have led a number of countries to create alternative dispute resolution procedures that allow parties to bypass the formalities of the legal system, said Ganeo.
Mao Thora, secretary of state at the Cambodian Ministry of Commerce, said that the ministry is completing a sub-decree to create the new business arbitration council, which will save business the time and money that courts absorb.
"It can be a big expense, going to the normal court," he added.
Nguon Meng Tech, director general of the Cambodian Chamber of Commerce, said that the Asian Development Bank (ADB) is giving 500,000 U.S. dollars for the new National Center for Business Arbitration, which will be in Phnom Penh and cost about 1 million U.S. dollars to build.
"A business dispute is not a good way to spend your time" and domestic and international disputes can be drastically shortened with an arbitration court, Renato Ganeo, manager of the training project, was quoted as saying by English-Khmer language newspaper the Cambodia Daily.
Uncertainty, inefficiency and high costs in the judicial court system, not only in Cambodia but around the world, have led a number of countries to create alternative dispute resolution procedures that allow parties to bypass the formalities of the legal system, said Ganeo.
Mao Thora, secretary of state at the Cambodian Ministry of Commerce, said that the ministry is completing a sub-decree to create the new business arbitration council, which will save business the time and money that courts absorb.
"It can be a big expense, going to the normal court," he added.
Nguon Meng Tech, director general of the Cambodian Chamber of Commerce, said that the Asian Development Bank (ADB) is giving 500,000 U.S. dollars for the new National Center for Business Arbitration, which will be in Phnom Penh and cost about 1 million U.S. dollars to build.
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