via Khmer NZ
Cambodian Court Delayed Verdict for First Illegal Bond Issuer
Tuesday, 27 July 2010 13:54 DAP-NEWS/ Vibol
CAMBODIA, PHNOM PENH, JULY 27, 2010-Cambodia’s Phnom Penh court on Tuesday delayed the verdict for first ever illegal bond issuers and the verdict will be released on July 29.
originally, Khit Odumvithu Rithy, called Chea Kim Oun or Kim Chheng, 43, Khmer Australian, and he is a teacher of international stock market and he also is the head of Visacard Cambodia Trading Post has been charged of selling public stock share illegally on February 25, 2010,” Chea Sokheng told the public hearing.
He has been in custody since March 30, 2010.
Seng Thearith, head of bond department of the Securities and Exchange Commission of Cambodia and the representative of plaintiff told the court that the accused has committed serious acts against the law of security in Cambodia through selling bond illegally and using individual company that is responsible with limited to be as public bond company and cheated the publics and his students through his share in companies. “The charged also sold some shares to his students with cost of 390 US dollars each, and he has 500 shares for his company,” seng added.
But Cambodia does not have stock market yet. It perhaps will be opened in 2011.
Even though Khit rejected the charging with saying that those students always begged him to sell shares for them from his company. He agreed to sell the share from his company but he told the students, they will be the first people who get shares when the stock market in Cambodia opens.
If those students buy the shares from my company, they will know how to trade shares when the stock market in Cambodia opens,” khit added. Khit said that only government that can sell international bond shares. He also rejected the accusation that his company has 100,000 shares because His Company has invested 180,000 to 190,000 US dollars only.
Khit’s lawyer asked the court to release his client because the share selling is not doing at international stock market and it sold the shares of Khit’s company only.
if he found guilty, khit will face with 1-5 years in jail, and will fine 2-10 million riels, (500 US dollars to $2,500).
This is the first case in Cambodia about selling share in stock market when the stock market does not occur yet.
Cambodian FM Called Opposition from Thailand on Preah Vihear Temple’s Conservation Plan” Out -of -Dated”
Tuesday, 27 July 2010 11:38 DAP-NEWS
Cambadia,Phnom Penh,27-July-2010,Cambodian Deputy Prime Minister and Foreign Minister Hor Nam Hong on Tuesday called the opposition from Thailand on the conservation, development, and management plan on 11 century Khmer Preah Vihear temple as a manner of “out-of dated”.
not only yellow shirt group but also Thai government have opposed the plan, but the registration of the temple already was done in 2008,” he told reporters upon the arrival of Cambodian delegation led by Prime Minister Hun Sen returned from a three day visit in Singapore.
Their acts could not put backward for listing of Preah Vihear temple as world heritage site, he said, referring to the yellow shirt group that demonstrated in front of UNESCO office in Bangkok today and handed a petition to senior officer of UNESCO there.
Cambodia Foreign Minister Personally Called Duch’s Verdict “Not Appropriate”
Tuesday, 27 July 2010 10:55 DAP-NEWS
Cambodia,Phnom Penh.27-July-2010,Cambodian Foreign Minister Hor Nam Hong said on Tuesday that the verdict for Duch from the UN-Cambdoian court yesterday is “unfair” for Cambodian people.
“What I told you now is not the government’s stance but, personally, I think the verdict yesterday was “ not appropriate” because a lot of Cambodian people died, and tortured,” he told reporters at the Phnom Penh international airport upon the arrival of Cambodian delegation led by Prime Minister Hun Sen returned Singapore in a three -day visit.
Duch, original name Kaing Kek Iev, yesterday was sentence in 35 years in jail by the UN-Cambodian court but his imprisonment term reduced to 19 years because Duch was arrested since 1999, and the his rights also violated in detention. So, the court facilitated his jail term to 19 years.
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