MEF to Meet with Business people to Cut Risks

Written by DAP NEWS -- Wednesday, 16 September 2009

The Cambodian Ministry of Economy and Finance (MEF) plans to meet with businesspeople next week to seek ways to improve the business climate and discuss legal procedures for doing business, an MEF press release said on Tuesday. The meeting will be led by a deputy prime minister and the MEF “to pave the way for a good business in the collateral sector and listen to business issues,” the press release added.

The meeting will gather ideas from the private to guide the MEF in clarifying legal procedures, said a senior official from the MEF’s Industry Department. He added that some collateral businesspeople involved with buying illegal things from undesirables such as robbers “are easy to face with putting into jail because those businesspeople lacked understanding about law and buy illegal things from the robbers. Collateral businesspeople also are easy to accuse of conspiracy of buying illegal things,” he added. “We have noted that collateral sector involving with many kinds of property including land plots, houses, car, motorbike and other things that can be put for collateral loan and but in fact, sometimes, people need money immediately. So they need to put their things for collateral loan and they take money to do other business and those things are legally but they still face a high interest rate.”

“We will discuss the requirements for licensing this business and avoiding risks,” he added. The ministry wants to tell to all collateral businesspeople too that they have to buy collateral things with tickets from previous sellers to help avoid legal issues.”

“We will facilitate their business and promote legal procedures … The detailed process of collateral issues will be released soon.”