Lakeside residents file World Bank complaint

(Post by CAAI news Media)

Monday, 05 October 2009 15:02 Vong Sokheng and Sebastian Strangio

BOEUNG Kak lakeside residents have filed a formal complaint to the World Bank’s inspection panel in Washington, claiming that a land-titling project has undermined their tenure rights and failed to protect them from forced eviction.

The complaint, registered on September 24, alleges the World Bank breached its operational policies by failing to adequately supervise the government’s US$38.4 million Land Management and Administration Project (LMAP).

The project, funded by the World Bank and other international donors, was launched in 2002 to create an “efficient and transparent land administration system” in Cambodia within five years, but residents say a lack of oversight has increased tenure insecurity in the area.

“The World Bank failed to monitor its assistance while many poor people were evicted from the city to the outskirts,” said Be Pharom, a resident of Boeung Kak’s Village 22.

More than 4,000 families at Boeung Kak lake are set to make way for a 133-hectare commercial and housing project planned by local developer Shukaku Inc, which is filling the lake with sand.

Be Pharom said many residents, despite having lived in the area since the Pol Pot regime fell in 1979, were denied land titles under LMAP.

“I have no hope that the World Bank can do anything to help us.… But our complaint is just a message to the World Bank to wake up and open its eyes,” he said.

Too little, too late

In February and April, the World Bank despatched special missions to review LMAP’s implementation, but the complaint, cited on the body’s Web site, says that recent efforts have “in no way” mitigated the harm caused by seven years of “inadequate supervision”.

Housing rights advocates said the complaint could set an important precedent despite the government’s termination of its contract with the World Bank last month.

“This investigation is very important, not just for the people in Boeung Kak and throughout the country who have been harmed by the World Bank’s failure to adequately supervise this project, but for the issue of donor and government accountability more broadly,” David Pred, director of rights group Bridges Across Borders Southeast Asia.

“If the government is unwilling to live up to its end of the bargain, then there needs to be a serious reassessment of the way donors engage in Cambodia.”

Natalie Bugalski, a legal officer with the Centre on Housing Rights and Evictions, said the inspection panel investigation came at a “critical” juncture for the land sector and could facilitate productive reforms.

“The World Bank and other development partners cannot in good faith continue with ‘business as usual’ under these circumstances,” she said.

Phnom Penh Deputy Governor Mann Chhoeun could not comment on the complaint but said the government’s housing policy had improved the lives of many poor Cambodians.

“We cannot satisfy people 100 percent, but I hope that the housing policy will improve and become more effective in the future,” he said.

World Bank management has until October 15 to respond to the complaint, after which it has 21 days to prepare its recommendations to the board on whether or not to proceed with an investigation.

Killing stuns Kratie villagers

(Post by CAAI News Media)

Monday, 05 October 2009 15:02 Khouth Sophakchakrya

VILLAGERS in Kratie province said they fear for their safety after the slaying of an environmental activist in Sambo district on Thursday.

Kong Kron, 39, a representative of O Kreang commune’s Os Kak village, said Sunday that he and other villagers were frightened by the unexpected killing of Russ Hoeung, a forest community representative in O Kreang commune who was murdered with an ax while he slept at their cottage about 5 kilometres from the village.

San Sameir, the chief of O Kreang commune, said that according to information from villagers, the activist may have fallen victim to illegal loggers in the area. In August, Russ Hoeung led authorities to crack down on logging operations in the area, leading to the confiscation of two

plywood saws and 500 felled logs.

“We will not go to look after our paddy rice in the fields until the police arrest the perpetrators and send them to the court,” Kong Kron said.

Yous Pheary, executive director of Community Economic Development, said local rights workers would be hesitant to join the fight against illegal logging as long as the killers are on the loose. “The death of Russ Hoeung will make the villagers scared to combat illegal logging if the police do not arrest any suspects,” said.

Sambo district police Chief Bun Chhoeun said police had questioned many villagers about the slaying and promised to arrest the perpetrator soon.

Japan vows to keep up aid

(Post by CAAI News Media)

Monday, 05 October 2009 15:02 Lily Partland

SIEM REAP

JAPANESE foreign minister Katsuya Okada assured Cambodian Foreign Minister Hor Namhong on Saturday that Japan will continue its financial assistance to Cambodia despite the change of government in Tokyo last month.

Okada met with Hor Namhong and other regional officials at the Mekong-Japan Foreign Ministers Meeting in Siem Reap to discuss aid and diplomatic ties, with foreign ministers from Laos, Myanmar, Thailand and Vietnam also in attendance.

Following the meeting, Japanese foreign ministry spokesman Kazuo Kodama announced 1.1 billion yen (US$1 million) in new aid from the Japanese government to support demining activities in the Kingdom.

Kodama also said that the number of Japanese companies interested in investing in Cambodia has risen since last year, adding that Japan “hopes the Cambodian government will help to further improve the investment environment in Cambodia”.

Prime Minister Hun Sen was there to greet participants and offer some brief remarks at the start of the summit, speaking of the need to close the development gap in the region.

Hor Namhong thanked Japan for its ongoing commitment to the Mekong countries and congratulated the new Japanese government on its September election.

Following the conference, he said that he and the other foreign ministers agreed that the region, “despite its recent development, still confronts challenges that need to be overcome as soon as possible”.

During the conference, Okada invited the attendees to join him for a two-day summit in Tokyo starting November 6.

UN rep responds to CPP

(Post by CAAI News Media)

Monday, 05 October 2009 15:02 James o’Toole and Cheang sokha

THE UN’s special rapporteur for human rights in Cambodia on Sunday brushed off government criticisms that he has taken a biased view of the rights situation here, three days after telling the UN’s human rights council in Geneva that “core political rights … have been undermined” in the Kingdom.

On Thursday, UN rapporteur Surya Subedi criticised Cambodia’s criminalisation of defamation and said that rule of law and judicial independence remain limited, according to a UN news report summarising the human rights council proceedings.

Speaking Sunday, Cambodian People’s Party lawmaker Cheam Yeap criticised Subedi’s remarks, accusing him and other UN representatives of holding a bias against the Cambodian government.

“Based on my observations, Mr Subedi is not different from Yash Ghai,” Cheam Yeap said. Yash Ghai preceded Subedi as UN special rapporteur for human rights in Cambodia before resigning in September 2008 after a notoriously stormy relationship with the government.

In an email on Sunday, Subedi rejected the claim that he had taken a one-sided approach to his position. “I am an independent, objective and impartial person, and this is reflected in my report. I have to speak my mind on the basis of information received and personal observations made,” he said.

The Nepalese law professor reiterated his confidence that he will be able to work productively with the Cambodian government. “I hope the government will continue to engage with me and other human rights agencies as the country and the government stand to benefit from such a constructive engagement,” he said.

Tourism campaign for Cambodia suspended

Photo by: Steve Finch

Tourists walk around Angkor Wat in Siem Reap last year. The Tourism Ministry has delayed a television ad campaign aimed at promoting travel to the Kingdom, said Minister Thong Khon.

(Post by CAAI News Media)

Monday, 05 October 2009 15:01 May Kunmakara

Television advertising not ready to go on air, says Ministry of Tourism, as analysts warn travel industry remains sluggish

THE Ministry of Tourism has suspended plans to air television advertising spots in key Asian markets next month, saying it had not given itself enough time to produce the advertisements.

Tourism Minister Thong Khon said the campaign would instead be launched “some time next year”.

“We cannot run them on time this year because we need more time to be well-prepared for the campaign,” he said.

The spots were due to air in China, South Korea and Japan, three of Cambodia’s most important tourist source countries. Arrivals from all three countries have plummeted since late last year in the wake of the global economic slowdown.

The ministry was talking to television networks in all three countries to persuade them to run travel programmes focused on Cambodia in the interim, Thong Khon said.

Arrivals from South Korea, which used to be the top source of visitors to the Kingdom, have fallen 31.23 percent in the first eight months of the year to 123,729, Ministry of Tourism figures released last month showed. Japanese visitors fell 14.05 percent over the same period to 77,305 while arrivals from China fell 10.24 percent to 70,135.

The fall in visitors from these countries was offset by a 43.66 percent rise in arrivals from Vietnam to 172,171 and a 126.29 percent rise in arrivals from Laos, boosting the number of visitors from Cambodia’s northern neighbour from 27,161 to 61,462. Overall visitor numbers rose 9.98 percent to 171,668 as a result during the first eight months compared to last year, the figures showed.

Underlying downturn

However, International Monetary Fund resident representative John Nelmes told a lunch hosted by the Australian Business Association of Cambodia on Friday that the gain in overland arrivals was a poor substitute for a double-digit decline in air arrivals, with tourists from across the frontier usually expected to spend less and stay for a much shorter time.

The ministry’s latest figures showed a 13 percent slide in air arrivals in the first eight months of 2009 year-on-year, whereas land arrivals were up 20.54 percent.

Nelmes’ warning of a near-term contraction in the tourism sector followed the visit last month of an IMF delegation from Washington that predicted a 2.75 percent contraction in the economy this year, dragged down by poor performance in the tourism, garment export and construction sectors.

Ho Vandy, co-chairman of the Government-Private Sector Forum’s tourism working group, said the private sector for a long time had been pushing the government to air the commercials.

“When we promote our tourism industry ... especially if our promotion is in their [local] languages, it means we are doing the right thing for our tourism sector,” he said.

The government should also look at a private-sector proposal to offer visa exemptions and find other ways to facilitate entry into the Kingdom, he added.

Thong Khon declined to say how much the campaign would cost. The ministry spent around US$340,000 in July last year on a series of “Cambodia: Kingdom of Wonder” commercials appearing on US-based network CNN.

Tourists to Phrea Vihear decreasing

(Post by CAAI News Media)

Monday, 05 October 2009 15:01 May Kunmakara

THE number of visitors to the Preah Vihear temple complex dropped by a third in the three months to the end of September compared with the same period last year, in what the local tourism chief said was a reaction to the ongoing dispute with Thailand over ownership of the land surrounding the World Heritage site.

Kong Vibol, director of Preah Vihear province’s Tourism Department, also blamed a general downturn in tourism arrivals, bad weather and lingering fears of influenza A(H1N1), or swine flu.

Only 12,214 people visited the temple complex over the last quarter, down 33.93 percent from 18,487 visitors over the same period a year earlier, he said. Foreign visitors were down 44.6 percent to 426, and domestic tourists dropped 34.04 percent to 11,788, Tourism Department figures showed.

Over the period, 47,682 people visited the province, including 40,857 from other parts of Cambodia, down 32.78 percent year-on-year, and 6,825 foreign visitors, down 89.17 percent.

Kong Vibol said he expected a recovery in the last quarter as the high season begins and the global economy continues to show signs of recovery. Dissipating border tensions would also help, he added.

Prime Minister Hun Sen announced in early September that Cambodian troops at the temple would be withdrawn following a bilateral agreement that effectively ended the 13-month standoff over the temple.

Om Phirom, chief of the temple’s Heritage Police, said at the time the drawdown in troops led to a surge in tourist numbers, with around 200 Cambodian and 50 foreign tourists visiting daily.

Brewer seeks to tap growth in domestic beer market

Photo by: JACOB GOLD

Asian beers are shown on sale in a Phnom Penh minimart last week. KBL says it will try to position its microbrewed beer at the high end of the Cambodian market.

(Post by CAAI News Media)

Monday, 05 October 2009 15:01 Jacob Gold and Jeremy Mullins

Following an agreement to lease the premises that will eventually house its brewery, KBL plans to rapidly expand sales of its forthcoming high-end beer

HAVING announced a deal Thursday to set up a brewery in Phnom Penh, Kingdom Breweries Ltd (KBL) plans to tap into growth in the domestic beer market despite an investment slump that has seen other foreign firms shy away from Cambodia, says the company’s CEO.

Peter Brongers said KBL signed a 15-year lease on Hagar International’s 65,000-square-foot factory on the Tonle Sap River, which it plans to transform into a brewery to produce Cambodia’s first microbrewed, upmarket beer.

“The beer market in Cambodia is growing very fast,” Brongers said last week.

“People are looking for diversity, for something different than what’s available right now.... Our mission is simple: to make the best beer in Cambodia.

“If you go into … Metro [an upscale riverside bar in the capital], we want you to pick our beer,” he added.

Alongside a focus on quality, Brongers said KBL’s other major advantage lies in the fundamentals of the Cambodian beer market itself.

“The Cambodian beer market has recently been growing by 20 percent every year,” he said. “This year was harder because of the crisis, but this crisis will also blow over. We have a young population that is also becoming more prosperous.”

According to statistics from the International Centre for Alcohol Policies, in 2007 Cambodia consumed just 11.8 litres of beer per head, much less than its neighbours. Vietnam drank an average of 18.8 litres, with Laotians consuming 19.6 litres per capita and Thailand 31.9 litres.

“Growth is likely to remain at 20 percent because Cambodians are far behind their neighbours when it comes to beer consumption,” Brongers said.

Michael Smiddy, a senior consultant with Emerging Markets Consulting, said Asia’s wealthiest economies were also its highest per-capita beer consumers.

“South Korea consumes about 38 to 40 litres of beer per person every year,” he said.

“China is half that, and Cambodia consumes half as much as China.

“As Cambodia continues to develop, if you look at the long term, the market could be massively larger than it is now,” he added.

Leopard Capital, KBL’s major partner with a 55.5 percent stake in the venture, has made the brewery its fourth major investment in the Kingdom, injecting US$2 million from its more than $28 million in capital raised so far.

Steve Lewis, a managing partner at Leopard Capital, said his firm’s confidence in KBL was inspired by regional brewing success stories.

“We saw what Beer Lao had done and decided that it could be repeated here in Cambodia. We are bringing in a European brewmaster who has spent much of his career in Southeast Asia and is responsible for the success of other major brands in the region,” Lewis said, declining to name the firm’s chief brewer pending finalisation of a contract.

KBL hopes to begin producing its first variety of beer sometime in the middle of next year, Brongers said.

Germany to receive organic rice shipment

(Post by CAAI News Media)

Monday, 05 October 2009 15:00 Chun Sophal

THE Cambodian Centre for Study and Development in Agriculture (CEDAC) said Sunday it would start exporting organic jasmine rice to Germany at the beginning of next year, following an agreement originally made in 2007.

Lang Seng Haung, CEDAC’s enterprise manager, said Cambodia would ship 100 tonnes of the rice variety to Germany in January as part of a three-year export agreement totalling 450 tonnes at US$1,400 per tonne.

“We will increase our supply of this kind of rice to Germany in the coming years, which will afford Cambodian farmers an opportunity,” he said, referring to the agreement, which will see 150 tonnes exported in 2011 and a further 200 tonnes during the following year to conclude the current deal.

In 2007, CEDAC, representing 8,000 organic rice growers in seven provinces, signed the trade agreement with German-based company Richers.

More export orders sought

Lang Heng Haung said that he anticipates further export orders of organic jasmine rice will be agreed with the United States. Those orders would likely reach “at least 150 tonnes” in total over next year, he said.

Mao Thora, secretary of state at the Ministry of Commerce, said that growing organic crops remains a difficult process compared to the more common fertiliser-treated alternatives.

“Only saisfaction among buyers and a proper production [standard] will result in fulfilling the aim to export this kind of rice in large amounts in the future,” said Mao Thora.

So far this year CEDAC members have exported about 75 tonnes of organic rice, 60 tonnes of which went to the US and the remainder to Malaysia.

ACLEDA Q3 lending up 9.6pc

(Post by CAAI News Media)

(Post by CAAI News Media)

Monday, 05 October 2009 15:00 Nguon Sovan

Second-largest bank sees recovery in loan disbursements over previous three months, but signs of sluggish lending growth continue among rest of sector

CAMBODIA’S second-largest bank by loans reported a near 10 percent rise in new lending over the third quarter, but ACLEDA Bank President In Channy warned Friday the trend did not likely extend to the rest of the sector amid signs from other domestic banks that lending growth remained sluggish.

ACLEDA figures showing a 9.64 percent quarter-on-quarter increase in total disbursements to US$482.9 million at the end of September, up from $440.44 million at the end of June, followed a warning from the International Monetary Fund (IMF) that profitability in the sector remained at risk unless banks could begin to reintroduce a rapidly growing deposit base back into the economy through new lending.

In Channy said the increase – which followed a 2.16 percent drop in outstanding loans in the second quarter – was due to the bank’s extensive reach into the provinces through regional branches and borrowing growth ahead of the upcoming harvest season.

“I cannot foresee the whole banking industry copying our performance because smaller banks are finding it difficult to grow their loan disbursements, but for ACLEDA Bank the gains are a good sign after the number of loan issued dropped 2.16 percent in the second quarter [quarter on quarter],” he said.

In Channy said ACLEDA’s deposits grew 7.16 percent over the quarter to $653.7 million at the end of September. Non-performing loans (NPLs) dropped from 1.6 percent at the end of June to 1.3 percent at the end of September he said. The bank reported a 0.2 percent NPL ratio at the end of 2008.

The bank, which started as a microfinance lender, had 226 branches across the country at the end of last year, more than 200 more than the next largest, Canadia Bank, according to figures from the National Bank of Cambodia.

--------------------------------------------------------------------------------

It is hard to say whether the banking industry as a whole is starting to recover.

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In Channy predicted loan growth would accelerate further in the fourth quarter.

The Foreign Trade Bank of Cambodia (FTB) also saw an uptick in lending over the quarter, according to General Manager Gui Anvanith. He said the Kingdom’s sixth largest lender total lending grew 3 percent quarter on quarter to $103 million as of the end of September.

“However it is hard to say whether the banking industry as a whole is starting to recover because a number of potential customers have been … affected [by the economic downturn] and will recover soon, while some are in serious condition and are still suffering.”

He echoed concerns raised by the IMF’s mission to Cambodia last month that a lack of lending opportunities could eat into banking profits, adding that he did not expect a significant rise in potential lending at FTB for at least another year.

“I dare not predict how many more loans will be disbursed, but we will lend if we can find customers with promising proposals,” he said.

Deposits at the bank were stable at around $210 million at the end of the third quarter, he said, whereas end-of-2008 deposits were $219.9 million.

Cambodian Public Bank Phan Ying Tong declined to disclose third-quarter figures Friday, saying only that the period had been worse than the second in terms of the banking environment.

Alex Ng, general manager at the American-owned Angkor Capital Bank, which launched late last year, said Friday that both loans and deposits at the bank had grown rapidly in the previous quarter, although he did not disclose figures.

“Loan disbursements are growing consistently because we have been here for just one year,” he said. “Because our loan base started from very low, growth is much faster than for others,” he said.

He also predicted growth in new lending opportunities, but said it would be “a slow recovery”.

National Bank of Cambodia Director General Tal Nay Im could not be reached for comment Friday. The latest available data from the central bank shows outstanding loans in the banking sector at $2.35 billion as at the end of May, only slightly higher than the $2.33 billion recorded at the end of 2008. Loan disbursements at the end of May 2008 were just $1.51 billion, showing that credit grew rapidly over the latter half of the year before new lending ground to a halt in the wake of the global economic crisis.

ACLEDA Q3 lending up 9.6pc

Monday, 05 October 2009 15:00 Nguon Sovan

Second-largest bank sees recovery in loan disbursements over previous three months, but signs of sluggish lending growth continue among rest of sector

CAMBODIA’S second-largest bank by loans reported a near 10 percent rise in new lending over the third quarter, but ACLEDA Bank President In Channy warned Friday the trend did not likely extend to the rest of the sector amid signs from other domestic banks that lending growth remained sluggish.

ACLEDA figures showing a 9.64 percent quarter-on-quarter increase in total disbursements to US$482.9 million at the end of September, up from $440.44 million at the end of June, followed a warning from the International Monetary Fund (IMF) that profitability in the sector remained at risk unless banks could begin to reintroduce a rapidly growing deposit base back into the economy through new lending.

In Channy said the increase – which followed a 2.16 percent drop in outstanding loans in the second quarter – was due to the bank’s extensive reach into the provinces through regional branches and borrowing growth ahead of the upcoming harvest season.

“I cannot foresee the whole banking industry copying our performance because smaller banks are finding it difficult to grow their loan disbursements, but for ACLEDA Bank the gains are a good sign after the number of loan issued dropped 2.16 percent in the second quarter [quarter on quarter],” he said.

In Channy said ACLEDA’s deposits grew 7.16 percent over the quarter to $653.7 million at the end of September. Non-performing loans (NPLs) dropped from 1.6 percent at the end of June to 1.3 percent at the end of September he said. The bank reported a 0.2 percent NPL ratio at the end of 2008.

The bank, which started as a microfinance lender, had 226 branches across the country at the end of last year, more than 200 more than the next largest, Canadia Bank, according to figures from the National Bank of Cambodia.

--------------------------------------------------------------------------------

It is hard to say whether the banking industry as a whole is starting to recover.
--------------------------------------------------------------------------------

In Channy predicted loan growth would accelerate further in the fourth quarter.

The Foreign Trade Bank of Cambodia (FTB) also saw an uptick in lending over the quarter, according to General Manager Gui Anvanith. He said the Kingdom’s sixth largest lender total lending grew 3 percent quarter on quarter to $103 million as of the end of September.

“However it is hard to say whether the banking industry as a whole is starting to recover because a number of potential customers have been … affected [by the economic downturn] and will recover soon, while some are in serious condition and are still suffering.”

He echoed concerns raised by the IMF’s mission to Cambodia last month that a lack of lending opportunities could eat into banking profits, adding that he did not expect a significant rise in potential lending at FTB for at least another year.

“I dare not predict how many more loans will be disbursed, but we will lend if we can find customers with promising proposals,” he said.

Deposits at the bank were stable at around $210 million at the end of the third quarter, he said, whereas end-of-2008 deposits were $219.9 million.

Cambodian Public Bank Phan Ying Tong declined to disclose third-quarter figures Friday, saying only that the period had been worse than the second in terms of the banking environment.

Alex Ng, general manager at the American-owned Angkor Capital Bank, which launched late last year, said Friday that both loans and deposits at the bank had grown rapidly in the previous quarter, although he did not disclose figures.

“Loan disbursements are growing consistently because we have been here for just one year,” he said. “Because our loan base started from very low, growth is much faster than for others,” he said.

He also predicted growth in new lending opportunities, but said it would be “a slow recovery”.

National Bank of Cambodia Director General Tal Nay Im could not be reached for comment Friday. The latest available data from the central bank shows outstanding loans in the banking sector at $2.35 billion as at the end of May, only slightly higher than the $2.33 billion recorded at the end of 2008. Loan disbursements at the end of May 2008 were just $1.51 billion, showing that credit grew rapidly over the latter half of the year before new lending ground to a halt in the wake of the global economic crisis.

Traditional songs spring from the heart of a family

Photo by: Tracey Shelton

Khmer coloratura soprano Bosba Panh will perform with her band La Compagnie Bosbapanh Friday at Chaktomuk Hall.

Post by CAAI News Media

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IF I TURN ON THE RADIO, I JUST HEAR MODERN MUSIC. WHERE IS OUR TRADITIONAL MUSIC?

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For most of us, nothing can compare with the generosity, care and guidance offered by our mother.

And it is these priceless gifts that have provided the inspiration for a concert, “Our Mothers”, which will be performed next month in Phnom Penh by the band La Compagnie Bosbapanh.

The concert will also feature songs by legendary Cambodian singers such as Sin Sisamouth, Pen Ron and Ros Sereysothea.

Panh Mengheang, whose 12-year-old daughter Bosba Panh is the main performer in “Our Mothers”, says he was becoming worried by the increased marginalisation of traditional Cambodian art, and that it jolted him into action.

He is well aware that many young Cambodians are gravitating towards modern, rather than traditional, artforms.

“If I turn on the radio, I just hear modern music. If I go to CD shops, most of what I see there is modern as well,” Panh Mengheang said.

“Where is our traditional music? This is when I had the idea of marrying modern and classical music together.”

Access to the arts

To promote and protect his beloved traditional art, Panh Mengheang has taken some incredibly proactive steps.

Most notably, he persuaded a number of experts to train his daughter Bosba Panh, and then put together a band to support her.

His idea is to allow Cambodians greater access to traditional arts.

Bosba Panh’s latest performance makes the concession of being a mixture of both modern and traditional musical instruments.

The orchestra musicians are equally divided between classical and modern instruments, and they also perform traditional songs in a contemporary style.

Bosba Panh, meanwhile, is concentrating on how good a role model her mother has been to her.

She describes how her mother always kept an eye on her and educated her in how to be a woman in the traditional Cambodian sense.

With this in mind, the young musician is quick to dedicate her performance in “Our Mothers” to her own mum.

“Our Mothers”, which Panh Mengheang picked up from a mid-20th century story, follows a mother’s fight to find a new life for her family in Phnom Penh, having been ordered to relocate from the provinces by French colonial rulers.

Bosba Panh will interpret the meaning of “Our Mothers” in her songs, images and dances during a two-hour performance at Chaktomuk Hall, on Friday at 7pm.

The child prodigy will also use material from “Our Mothers” on her planned third CD album, La Vie en Rose.

Organisers are expecting tickets to sell well, with 800 tickets available at three different prices.

The best seats in the house come in at $15 for a special ticket, $10 for premium seats and $5 for general seating.

Tickets are available from Monument Books and T&C restaurants.

Learning the ropes

Photo by: JUDE MAK A climber abseils down a climbing wall attached to scaffolding at the Yellow Tower construction site. Climbing enthusiasts turned out last Saturday and Sunday to socialise and take a rare opportunity to practise their skills in Phnom Penh.

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Getting to the top is all that matters. Only purists would be concerned with the how.
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(Post by CAAI News Media)

Monday, 05 October 2009 15:00 JUDE MAK

Post reporter Jude Mak put aside his acrophobia to join thrillseekers scaling a construction site last weekend

Dangling at the height of five-and-a-half double-decker buses above the ground should be enough to get anyone’s heart pumping.

And those seeking an adrenaline rush got a chance to do just that – atop a temporary climbing wall installed for the Khlimb the Penh event, held last weekend in Phnom Penh.

The 25-metre-high vertiginous challenge was erected on the side of the Yellow Tower, currently under construction on the Chroy Changvar peninsula.

With safety gear and harness provided, climbers scaled the wall as they pleased for only $5, which included ferry rides to and from the site.

Climbers also had the choice of abseiling down the side of the building.

By noon on Saturday, there were more than two dozen people at the site, hanging around and socialising, offering encouragement to whomever was on the ascent.

The neon-orange wall was studded with different colour grips, which led the climber on ascents of varying degrees of difficulty.

Since the wall could only accommodate one person at a time, there was a queue, although time was easily killed by walking up the uncompleted Yellow Tower to enjoy a spectacular view of Phnom Penh from way above.

When my time came, I admit I was a bit nervous – and a slight fear of heights does not help in such situations.

And my lack of climbing shoes and chalk bag simply exacerbated the problem.

I’m pleased to report, however, that I did eventually make it to the top in one piece.

A small amount of cheating – holding onto the sides of the wall and taking my time – was brushed aside by Tony Keating, one of the two organisers of Khlimb the Penh.

“Getting to the top is all that matters,” Keating assured me. “Only purists would be concerned with the how.”

Co-organiser Yves Nommay said he was satisfied with the turnout.

“We got a bunch of good people. There were many beginners and climbers of all different nationalities,” Nommay said.

“This was the objective – to get people together and get the climber’s network going.”

As for continuing the event, Yves said: “We are planning to do it on monthly basis, but it takes a lot of time and energy.”

He said the next Khlimb the Penh, to be held at the Skyline building near Independence Monument, should be even more impressive than the first.

“There will be four pitches to accommodate four climbers at the same time,

as well as a temporary wall over the swimming pool,” Nommay said.

“The view of Phnom Penh should be very nice, as will the breeze, since the building is 40 metres high.”

The next event would be held in late October or early November, he said.

Police Blotter: 5 Oct 2009

(Post by CAAI News Media)

Monday, 05 October 2009 15:01 Cheang Sokha

Wine QUAFFER LETS LOOSE ON FRIEND

A Pursat man was sent to provincial court on Friday after being accused of punching and kicking a companion during a white-wine bender on Wednesday night. Police said that the incident took place in Pursat’s Phnom Kravanah district. The suspect’s drinking buddy reported that his friend started beating him for no reason before locals broke up the scuffle.

KOH SANTEPHEAP

SCURRILOUS SCRIBES SNAGGED BY POLICE

Two journalists were sent to Kampot provincial prison on Friday on charges of extortion. Police said the pair are accused of ordering a commune chief to pay them US$75 in exchange for their witholding of a scandalous story. Kong Sokhan, the chief of the penal police office, said that the two were apprehended last Tuesday in a sting operation as police descended on a cafe in which the pair had planned to collect their blackmail money from the victim.

RASMEY KAMPUCHEA

MAN wields SWORD AGAINST RELATIVES

A 42-year-old man was arrested by police in Kampong Cham province last Monday on suspicion of attacking members of his family with a samurai sword during a drunken rampage. The suspect’s family members told police that he was always noisy and violent with his relatives when he became drunk and that he had been mentally unbalanced ever since his wife left him several years ago. The relatives added that after many similar episodes, they finally decided to file a complaint.

KOH SANTEPHEAP

B’BANG BAG THIEF CHASED DOWN

A Battambang man was arrested last Monday on suspicion of snatching a woman’s purse as she strolled through a park in Battambang town. Police said the suspect spied the woman walking alone as he was riding his bicycle through the park before he successfully snatched her purse, which contained US$70, a passport and a mobile phone. Police added that he subsequently tossed it away during their pursuit of him.

KOH SANTEPHEAP

FOREIGNER DiES IN P SIHANOUK HOSPITAL

A British national died on Friday at a referral hospital in Preah Sihanouk province of an unidentified illness. Provincial police said that the man had been in and out of the hospital for treatment and had been staying in a number of different places, lacking a permanent address in the area.

RASMEY KAMPUCHEA

2009 Futsal league opens to slender new format

(Post by CAAI News Media)

Monday, 05 October 2009 15:00 Ung Chamrouen

THE 2009 FFC Hello Futsal League kicked off Saturday at 8am inside Olympic Stadium, with a feast of goals to entertain the attending audience. Eight teams compete for the trophy this year, including Funan FC, Rama Holding Group (formerly Cambo Six), Youth Olympic, Khmer Super Red, Toul Sangke All Star, Khmer Eysann, Dei Ek Katde and Panda FC.

The league participants were halved for this year, with the eight quarterfinalists chosen to participate in a round-robin format for the trophy. Matches are to be played every Saturday, with two morning games starting at 8am and two afternoon matches from 2pm, screened live on TVK. The league concludes November 28.

Ouk Sethycheat, general secretary of the Cambodian Football Federation (FFC), said the Futsal competition is a welcome addition to the calendar of events organised by the federation, which features the Cambodian Premier League and the Samdech Hun Sen Cup. Ouk Sethycheat welcomed the new league format, which ranks teams in a table according to points and goal difference. “Every team has to get the best result from their matches,” he said.

In the opening game Saturday, Toul Sanke All Star defeated Khmer Eysann 11-5, followed by Youth Olympic bagging three points after beating Panda FC 16-8. Current champion Funan FC and runner up Rama Holding Group shared the points following their 6-6 draw. The last match of the day saw Dei Ek Katde succumb 6-14 to Khmer Super Red.

Bun Sok, a secretary of state at the Ministry of Education, Youth and Sport, stated during an opening ceremony speech that Prime Minister Hun Sen was pleased with the development of football in Cambodia, especially in regards to technical aspects and to improvement in players’ discipline. Bun Sok added that, although the premier did not attend the CPL matches, he regularly viewed them on television.

Prior to the league start, 35 referees and football officials went on a four-day Futsal refereeing course organised by FFC to learn Futsal rules and practice their implementation.

“Normally, the referees are always criticised by the public for the integrity of their work,” said one football supporter who wished to remain anonymous. “I hope that they will do better without any outside influence.”

Oxfam Appeals Urgent Aid

Written by DAP NEWS -- Monday, 05 October 2009

(Post by CAAI News Media)

Oxfam predicts more widespread destruction caused by Typhoon Ketsana and a higher demand for immediate humanitarian assistance in Cambodia, an Oxfam press release said on Saturday.

An initial assessment shows that at least 17 people died and 47 injured in Kampong Thom alone due to the effects of the Typhoon, which brought unusually high volume of rainfall to the Southeast Asian country, the statement said.

Kampong Thom “is not the only affected province adding that at least eight more provinces are affected with Preah Vihear, Stueng Treng and Kratie being severely affected. Therefore, the worst has yet to come as the rising water levels continue to ravage these provinces, and a larger destruction is underway.”

“The floods are affecting more people and wider areas of the country than we initially estimated,” said Francis Perez, Country Lead of Oxfam International in Cambodia. “Greater cooperation and immediate action on the part of humanitarian agencies in the country is increasingly important to ensure that groups with different kinds of emergency needs and vulnerabilities such as women, children, elderly, and peoples with disabilities and HIV/AIDS are prioritized.”

There is a high risk that more lives will be lost, more families and livestock will be displaced, houses collapsed, roads, bridges, hospital and school buildings damaged. Public health concerns are making their way to some evacuation areas due to lack of sanitation, Oxfm said.

An early damage estimate of more than 30,000 ha of rice paddy and crops could double or even triple as flood waters continue to rise. This could cause a severe crop failure for Cambodia’s largely farming population.

Oxfam’s staff reported that water levels increased half a meter in Preah Vihear last night, causing the already evacuated population to struggle even harder. Up to 4,000 families or 20,000 people are affected in Preah Vihear as compared to just 100 families a week ago.

Livelihood options in this province have been severely damaged. Some flood victims need money to buy fishing nets to make their living. Some are swapping food and borrowing rice from each other.

Yesterday Oxfam sent out more than a dozen staff members to Kampong Thom, Preah Vihear, Steung Treng and Kratie in addition to already deployed staff in the fields. They distributed all available stock in Kampong Thom and Kratie on Thursday and Friday.

In addition to the already distributed stock, Oxfam made new purchases of non-food items including 4,000 water containers, 2459 plastic sheets, 1,000 sarongs and scarves, 500 sleeping mats, 2578 water filters, 2735 mosquito nets and 300 women sanitary pads. The items are on their ways to the affected areas, particularly hardest-hit Kampong Thom.

Coordination among humanitarian agencies is also critical. Oxfam has carried out this coordination role in identifying needs of the affected population and sharing the information with other agencies. The Cambo- dian provincial authorities and the Cambodian Red Cross distributed food items to 1,545 affected families in Preah Vihear yesterday, whilst Oxfam, Caritas and other international humanitarian agencies distributed non-food items. Oxfam is closely monitoring the other affected provinces.

This humanitarian work is much larger than previously expected, and Oxfam is continuing to appeal for humanitarian assistance from all international humanitarian agencies to help the Cambodian flood victims.

Legal Institutions Back Sub-Decree

Written by DAP NEWS -- Monday, 05 October 2009

(Post by CAAI News Media)

The Cambodian Bar Association, Urgent Reaction Unit of the Council of Ministers, legal experts of the Council of Judiciary Reform, and the School of Judge Training have all announced that they completely support the sub-decree for the effective work of discipline council of the Supreme Council of Magistracy because it will help reform the court system and judiciary sector of the country, a joint press release said on Saturday. The statement seemed an attempt to deflect international criticism over a perceived infringement of freedom of speech and freedom of expression in Cambodia.

Tit Sothea, member of the Urgent Reaction Unit of the Council of Ministers, said that the sub-decree of effective work of the discipline council of the Supreme Council of Magistracy will play a key roe loin forwarding the reform of the court system in Cambodia.

But, stressed the official statement, “this does not mean that the Government is putting its hands into the court body,” claiming that court bodies “always cooperated with the Government to seek and provide justice for the general public.”

The court system here has repeatedly been accused of corruption and injustice despite Government attempts at reform. Referring to requests of civil bodies and the political opposition for institutions and freedoms available in countries across the world, Tit Sothea claimed, “We do not understand what they need.”

He also criticized those from opposition parties and civil bodies who have accused the ruling party of interfering the court body. Chiev Song Hak, the chairman of the Cambodian Bar Association, said that reform needs the order of the executive body. “Administrative affairs help the process of the discipline council only and contribute to enhance the effectiveness of the work of the top legal body,” he added.

Tep Narong, the director of the Judge Training School, said the sub-decree has not affected the process of the Supreme Council of Magistracy because the co-chairmen are Sok An, deputy prime minister and minister of the Council of Ministers, and Dit Monty, president of the Supreme Court. “It will help to contribute to build the legal process and help to protect the value of the judges and prosecutors for the country,” he said. “It has been agreed to have this kind of the legal reform mechanism.”

Prime Minister Hun Sen issued the sub-decree on September 23 to enhance the effective work of the discipline council of the Supreme Council of Magistracy.

Tourism Minister Calls for Siem Reap Town Cleanup

Written by DAP NEWS -- Monday, 05 October 2009

(Post by CAAI News Media)

Tourism Minster Thong Khon on Saturday called on the Siem Reap provincial governor and relevant officials to clean up Siem Reap town after recent floods in order to reassure tourists.

Typhoon Ketsana has caused major damage in Siem Reap, Kampong Thom, Ratanakkiri and Mondolkiri, and has killed 16 and destroyed hundreds of houses and more than 10,000 ha of crops.

“I call on the Siem Reap provincial governor and relevant Government institutions and officials to cooperate and clean the town of Siem Reap as soon as possible when the flood levels are down,” Thon Khon told DAP News Cambodia on Saturday.

The Tourism Minister said tourists should not fear visiting Siem Reap’s Angkor Wat and other attractions. “Nearly 40 hotels in Siem Reap were flooded,” he admitted. The flood also hit Vietnam and the Philippines. Vietnam’s death toll reached 99 on Friday with another 14 missing, said an official from the national flood and storm control committee, accor-ding to a news agency in Vietnam.

With flood waters receding in much of typhoon-struck Vietnam on Friday, residents hung clothes out to dry, cleared fallen trees and cleaned the muck left by one of the country’s worst disasters in recent years.

Court Delays Verdict in Garment Theft Case

Written by DAP NEWS -- Monday, 05 October 2009

(Post by CAAI News Media)

Phnom Penh Municipal Court Judge Sem Sakola, representative prosecutor Sok Kalyan and counsel for both parties were on Saturday attendant in the case of two Cambodian men’s claimed loss of garments destined to be exported to the US, a local authority said.

Two Cambodian men, Sean Vutha, 39, a warehouse chief of MSE KPM Co., Ltd and San Eng, 40, were on October 1 accused of stealing 253 containers of clothes valued at US$25,473. Sean Vutha protested his innocence. “I did not do this and I am not responsible for these actions … I completed my work very well and I did not try to steal the company’s property.” Vutha added that “on February 27, 2009, I counted all out of clothes before delivery to Kampong Som [Preah Sihanouk] port. I and my members prepared the clothes into containers.”

MSE KPM Co., Ltd, a partner of a private insurance import-export company, were to deliver to Preah Sihanouk port on February 27. When the delivery reached the US, the client objected that the order was short on March 24, 2009.

A defense lawyer in the case claimed that “nobody can confirm who is wrong or right.”

The judge postponed his verdict.

KRT’s Case 001 Ends November 23

Written by Administrator -- Monday, 05 October 2009

(Post by CAAI News Media)

The Extraordinary Chamber s in the Cuncil of Cambodia, mandated with bringing to justice the leaders of the ruthless Democratic Kampuchea regime, has scheduled the closing statements in Case 001 against Kaing Guek Eav, also know as ‘Duch’, for Monday 23 November.

The closing statements in the case of the former head of the infamous KR S21 ‘re-education’ centre – a former school – will at the latest conclude on November 27, according to a Khmer Rouge Tribunal (KET) press release on Saturday. Closing statements by civil parties through their lawyers have 5 hours allotted on November 25, the press release said, adding that closing statements from co-prosecutors are scheduled to take 5 hours on Tuesday November 24.

November 25-26 will see closing statements from defense lawyers and the Accused in the days’ allocated 7.5 hours.

After closing statements from the defense layers and the accused, lawyers for civil parties and co-prosecutors will be provided the opportunity to make rebuttal statements limited to maximum of one hour respectively. Defence lawyers and/or the Accused will be given one hour to make final statements, the KRT added.

The hearing will at the latest end by 3.30pm on November 27.

Mu Sochua Remains Subject of Controversy

Written by DAP NEWS -- Monday, 05 October 2009

(Post by CAAI News media)

The fate of Mu Sochua, a Sam Rainsy Party (SRP) lawmaker and vocal opponent of the Cambodian Government, was undecided over the weekend as many awaited the verdict in her appeal.

Some analysts said that they are waiting to see if the Cambodian National Assembly, the majority of whom are ruling Cambodian People’s Party (CPP) members, will vote to give back Mu Sochua’s immunity, stripped ahead if the PM’s defamation suit.

Ho Vann, another SRP lawmaker, is likely to have his immunity restored, said sources, after the Phnom Penh Municipal Court found him innocent of defaming Royal Cambodian Armed Forces (RCAF) officials. Two staff from local media NGO the Cambodia Daily were instead found guilty in a verdict that has provoked moderate criticism from local rights groups.

Some locals have asked why Mu Sochua has been so shy following her recentreturn to Cambodia. Whilst in the US, she harshly criticized Cambodia’s democratic system and human rights situation. On the contrary, since arriving back in Cambodia, whoch has recently seen a spate of lawsuits that have sometimes resulted in the imprisonment of well-respected experts and Gover- nment critics, she has restrain ed her criticism.

As she left the Phnom Penh International Airport on September 25, she shied away from around 10 journalists waiting for an interview.

She seemed to backpedal on comments reported in the media that claimed she called on the US Government to stop military aid to the Cambodian Defense Ministry.

“I strongly reject all claims … that I called on the US Government to stop military aid to Cambodia,” Mu Sochua said. “I only called on the US Government to decline entry visas for some military officials indulging in corruption, land abuses and illegal deforestation.”

She added that she called on the US Government to check aid provided to Cambodia goes where it is supposed to. “Elected leaders have not shown yet enough democratic and human rights implementation and especially elected candidates must have a real conscience to improve.”

While walking out of the appeal court on Friday, Mu Sochua said that she has no more ways left to protest her verdict.

The Appeal Court Prosecutor General on Friday afternoon recalled Mu Sochua to question her further about her case with Cambodian Prime Minister Hun Sen after she disagreed with the Phnom Penh Municipal Court’s verdict in the defamation case she lost against the premier.

“I don’t have any more ways to protest,” Mu Sochua said. She claimed that she represented herself at the Appeals Court.

“I could not have another lawyer as I don’t want any lawyers to suffer like Kong Sam On,” Mu Sochua said, referring to her former counsel.

Cambodia: Functioning Judiciary Required

Monday, 5 October 2009

(Post by CAAI News Media)

Press Release: Asian Human Rights Commission

Cambodia: Functioning Judiciary Required For Rights To Become A Reality

Thank you Mr. President,

The Asian Legal Resource Centre (ALRC) welcomes the initial report of the Special Rapporteur on Cambodia, in particular the highlighted areas of priority for future work, namely: the freedom of expression, the independence of the judiciary, land and housing rights, impunity and prison reform.

The ALRC wishes to take this opportunity to underline the need for an end to long-standing delays by the government in implementing provisions of the 1993 Constitution of Cambodia, in particular concerning the functioning and independence of the judiciary.

The Constitution specifically stipulates that a number of laws need to be enacted, including a law on the statute of judges and prosecutors and a law on the organization of the judiciary. However, after 16 years, these laws are still missing. As a result, Cambodians are not entitled to be tried by an independent, competent and impartial tribunal, in practice. They are being tried by judges whose status has not been defined by law and by courts whose establishment has no legal basis under the Constitution.

The government has preferred to continue to apply an outdated law on the nomination of judges and the activities of courts, enacted during the country’s communist past, which is unconstitutional, does not live up to international standards and does not ensure the independence of the judiciary. This leads to corruption, favouritism for certain judges and infringements by the Ministry of Justice and the Executive on the workings of the judiciary.

In light of this, the ALRC firstly wishes to know whether the Special Rapporteur has taken up this issue with the Cambodian authorities and whether they have responded and shown any credible intent to take action to ensure the separation of powers and an independent judiciary? Has the government provided any time-frame for the enactment of the above laws, which are essential for there to be any hope of independence of the judiciary.

Finally, you have stated sensing a disconnect between national law concerning land rights and widespread land grabbing ongoing in the country. We firmly believe that without a functioning, independent judiciary there will always be a disconnect between the law and the enjoyment of rights in practice, notably concerning the mentioned issues of priority, and support your efforts in this regard, as well as the continuation of your mandate.

Thank you.

BIDV’s affiliate helps Cambodian storm victims

10/05/2009

(Post by CAAI News Media)

The Bank for Investment and Development of Cambodia (BIDC), an affiliate to the Vietnam Bank for Investment and Development (BIDV), has presented gifts worth US$45,000 to support victims of storm Ketsana in Cambodia.

The Chairwoman of the Cambodian Red Cross, Bun Rany, thanked BIDC for its relief, saying it was a manifestation of humanity of the Vietnamese people in general and of Vietnamese businesses in particular.

Bun Rany said the relief would be transferred to storm-hit provinces of Preah Vihear, Rattana Kiri, Kampong Cham and Kampong Thom. VNA/VOVNews

After delays, Cambodia rekindles stock market dream

A resident drives past the marshland where Cambodia hopes to turn the page on decades of upheaval by opening a stock exchange in Phnom Penh September 25, 2009.  REUTERS/Chor Sokunthea

Sun Oct 4, 2009

(Post by CAAI News Media)

By Jason Szep

PHNOM PENH (Reuters) - Construction cranes and unfinished high-rise buildings surround the silty marshland where a year from now Cambodia hopes to turn the page on decades of upheaval by opening a stock exchange.

The idea of a Cambodian stockmarket has been floated since the 1990s but has struggled for traction in a country known for a culture of political impunity, chronic poverty and a history of violence, including the Khmer Rouge "Killing Fields."

But authorities argue those days are over and plan to sign a deal this month with World City Co Ltd, a South Korean-backed developer, to start building a $6 million, four-storey stock exchange on the waterfront of a new financial district.

"We want to do it next year," Mey Vann, director of the financial industry department at Cambodia's Ministry of Economy and Finance, said in an interview. "It'll be good timing for us with the economic recovery."

It was supposed to open in September, a target set last year when South Korea's stock exchange operator agreed with the Cambodian government to set up and run a joint stock exchange.

But the global financial crisis intervened, ending an unprecedented boom which saw Cambodia's economy expand 10 percent annually in the five years up to 2008. Foreign investment collapsed, tourist arrivals fell by double digits and garment exports, a mainstay of the economy, shrank by 15 percent.

In recent weeks, Cambodian officials have cautioned against moving too fast, in some cases questioning whether a country whose education system was decimated during Pol Pot's 1975-79 reign of terror is ready to invest in stocks.

"We've been waiting for a green light," said Intyo Lee, project director for Korea Exchange, Asia's fourth-largest bourse operator which will own 49 percent of the exchange and is recruiting and training workers for it. Cambodian will own the rest.

"We're pretty much ready," he added, "but many people say it's too early. The government is trying to build consensus."

STARTING SMALL

The exchange expects to start small with just four or five companies issuing about $10 million worth of shares each, said Lee. That's comparable to neighboring Vietnam's first stock market launched in 2000 with its initial market capitalization of $43 million. Today, Vietnam's market is worth $27 billion.

Yet there are risks to Cambodian investors. In Vietnam, most of the investors were local, often unaware of the risks, and many were burned as the market steered a rollercoaster course. Meanwhile, foreign investors largely sought to dip into the potential high returns of an emerging frontier market while hedging their bets with a highly diversified portfolio.

Like its communist neighbor, Cambodia is giving privatizing state companies priority with a place to sell stock. The Finance Ministry has asked three state-owned companies to list shares: Telecom Cambodia, port operator Sihanoukville Autonomous Port and the Phnom Penh Water Supply Authority.

Some of those companies have a simple question: why do it?

"We don't have any financial constraints. I don't understand the reasons we are going to be listed," said Ek Sonn Chan, who runs the Phnom Penh Water Supply Authority, which employs about 600 people, has about $200 million in assets and generates about $25 million in annual revenue. He said the company is profitable.

"If we become a public company, maybe we are more responsible, more transparent and maybe we can help the government allocate financial support to our company. But in the meantime, we don't know much about how it happens. It's very new to Cambodia, very new to me," he said.

Others say the timing may not be right for some time. Foreign direct investment nearly halved to an estimated $490 million from $815 million in 2008, according to the International Monetary Fund, which expects Cambodia's economy to shrink nearly 3 percent this year before growing about 4 percent next year.

Most of the disappearing capital had flowed into construction projects, including a $2 billion satellite city on the outskirts of the capital Phnom Penh where the exchange will be built.

Developed by South Korean-backed World City, the two-year-old project known as Camko City aims to create a new financial district by 2018 spread over 125 hectares, complete with glass-walled office towers for stockbrokers, upmarket apartments, securities regulator offices and sleek retail spaces.

But construction has slowed, said Kim Duk-kon, a vice president at World City. Although the first phase is nearly complete with many of the residential villas built and sold, subsequent phases are on hold after capital dried up.

FLOODED SWAMPLAND

The area where the stock exchange will be built is flooded swampland on the edge of Boeung Kak Lake in the heart of the city. The Finance Ministry said the end of the rainy season this month will allow workers to begin building the exchange on the corner of what developers are calling Phnom Penh Boulevard.

Cambodian officials rejected an initial design, saying the exchange's exterior was too modern and not Cambodian enough. It has since been redesigned using traditional Khmer accents.

Vann at the Finance Ministry and Kim said a news conference this month will announce construction of the exchange. A new Securities and Exchange Commission of Cambodia, he added, is drafting market regulations that will be issued soon.

"We have a very good team at the Securities and Exchange Commission. They graduated from overseas. They are new blood in terms of enforcement of the law," he said. "Our law is very strict in terms of speculation."

Some observers are unconvinced and say authorities need to demonstrate how investors will be protected in a country with a reputation for corruption at nearly every level of the bureaucracy. Some fear speculative gambling by public employees.

David Cowen, deputy division chief for the International Monetary Fund's Asia and Pacific Department, met recently with the new securities regulator and urged its officials to work closely with the central National Bank of Cambodia.

He said the Commission would soon issue operational guidelines on securities firms. The IMF wants to see if those rules are consistent with banking laws and recognize the central National Bank of Cambodia's role as the nation's chief regulator.

(Reporting by Jason Szep; Editing by Megan Goldin)