The Mirror, Vol. 11, No. 525
“Mr. Keat Chhon, Deputy Prime Minister and Minister of Economy and Finance, informed journalists at the parliament on the morning of 11 September about the establishment of a stock market in Cambodia; for the first step, the government is responsible for organizing all necessary preparatory steps, planning to spend approximately US$10 to US$15 million. The statement of the Minister of Finance was made, while the National Assembly discussed the draft law on issuing and trading stocks and bonds, for which he is the representative of the Royal Government to defend this law.
“Mr. Cheam Yeap, the chairperson of the Commission of Economics, Finance, Banking, and Audit of the National Assembly, said that the draft law on issuing and trading stocks and bonds was sent by the Royal Government to the National Assembly as document No. 110, dated 19 March 2007, and it contains ten chapters and 58 articles. As stated in the law, another separate commission is also created with legal accountability, to be created by a sub-decree.
“Mr. Keat Chhon added, ‘However, the creation of a stock market needs capital. This law is prepared for 2009, as we need time and human resources for training; so far, the Ministry of Economy and Finance has conducted two training courses.’ He stated, ‘If we don’t jump into the water, we won’t be able to swim.’
“Nonetheless, a stock market is a first for Cambodia, because there has never existed one before, and the Ministry of Economy and Finance will have to cooperate in the creation of a committee for the management of this market directly. Mr. Keat Chhon stated, ‘We will need many human resources in the process of the creation of a stock market.’ The minister affirmed that the first issue is the creation of a Cambodian Securities Commission under the responsibility of the Minister of Economy and Finance by 2015, as it is done similarly in other countries.
“Mr. Sam Rainsy, the president of the Sam Rainsy Party, announced his support for the establishment of a stock market in Cambodia. However, he shared his concerns that the buying of share demands that all citizens have to be careful about this; if they are not clear about stocks, they may easily be deceived by spending much money – but there is maybe no profit. Mr. Sam Rainsy stated that he used to be an analyst of the stock market [in France] for many years; therefore, there must be most specific information, independence, and honesty about the shares. He added, ‘A stock market may provide millions of profit, if we know the necessary information clearly and buy shares of specific companies. However, if there is corruption, a stock market can become a site of money laundering for terrorists or criminals.’
“Mr. Monh Saphan, a [Funcinpec] parliamentarian from Kompong Cham, said that the draft of this law, presented by the government to the parliament is good, there is no part to be corrected, but he asked the representatives of the government to explain further the role of the Cambodian Securities Commission more clearly, because some articles state its role in a way which allows two different interpretations. Mr. Cheam Yeap stated that the publication and the public trading of stocks and bonds is an instrument to fulfill conditions of the World Trade Organization and also of the ASEAN Free Trade Area agreements. A stock market will participate in the development of the national economy and of the society by establishing a mechanism to collect spare capital from the public, and the stock and bond investments will provide financial resources for long-term investment and high productivity of the private sector, which plays an important role in promoting national economic growth.
“It should be remembered that this draft law has just been discussed up to Chapter 3; according to the discussion in the National Assembly, the companies that will have the right to issue and trade stocks and bonds must have the approval from the Cambodian Securities Commission. Moreover, the companies must have been registered legally with the Ministry of Commerce of Cambodia.” Koh Santepheap, Vol.40, #6142, 12.9.2007
Newspapers Appearing on the Newsstand:
Wednesday, 12 September 2007
Kampuchea Thmey, Vol.6, #1442, 12.9.2007
- Cambodia Marks International Day for the Protection of the Ozone Layer
- Officials Prohibit Tonga Garment Factory Workers from Marching into Phnom Penh [demanding that 25 workers’ representatives be allowed to enter, to be elected as trade union representatives, and to end the deduction from their payments – Dangkao]
- Young Man, Who Secretly Loves a Young Woman, Pumps Out His Own Blood and Injects It into the Young Woman’s Body; He Is Arrested by Military Police and Sent to Court [Sangkae, Battambang]
- Drug Lord [Diego Montoya] Arrested in Colombia
Khmer Machas Srok, Vol.1, #23, 12.9.2007
- Mr. Sam Rainsy Warns about Danger When Cambodia Starts a Stock Market
- [The president of the Cambodian Independent Teachers’ Association] Rong Chhun Reacts against the Chamroeun University of Poly-Technology Which Puts Value on Degrees on Mr. Heng Samrin rather than on Degrees from School [about honorary degrees issued to Minister Sok An and Parliament President Heng Sarin]
- Ministry of Public Works Announces Implementation of [new] Traffic Law; Motorcycle Driving License Costs $40
Koh Santepheap, Vol.40, #6142, 12.9.2007
- Government Plans to Spend $10 to $15 Million to Organize a Stock Market
- Strange Statement [of Hang Dara Democratic Movement Party] which Considers Khiev Samphan to Be a Hero
- Mentally Ill Man Seriously Wounds His Wife, Kills His Two Children with a Knife, then Hangs Himself [Siem Reap]
Moneaksekar Khmer, Vol.14, #3261, 12.9.2007
- Mr. Sam Rainsy Says Stock Companies Are Dishonest and Deceptive Markets
- [Secretary-General of Sam Rainsy Party] Eng Chhay Ieng Says Khmer Embassy in Siam [Thailand] Does not Work Well and Allows Siamese [Thais] to Harm Khmer Citizens Freely
- Camintel Company Falls into Local Traders’ Hand, Its Services Are the Worst
- From Day to Day, High Ranking Officials Own More and More Land
Rasmei Kampuchea, Vol.15, #4387, 12.9.2007
- Sam Rainsy Party in Norway Says Election for Secretary-General Was Arranged in Advance
- Exports of Luxury Wood Continues Uncontrolled in Stung Treng
