Koomkin bank takes Camko City to court
The foreign commercial arbitration case between South Korean Kookmin Bank and World City Asset Management and World City, two real-estate development firms, has been received by the Cambodian Court of Appeals. World City Asset Management received a loan from Kookmin bank in Korea in 2007 to aid World City Co Ltd to develop Camko City on the outskirts of Phnom Penh. However, a few years later, both companies were late in repaying the loan. … Kookmin bank submitted its case through the Korean Commercial Arbitration Board (KCAB) on January 30 2012. On May 9, KCAB accepted the case for arbitration. … Seng Sivutha said that the court will resume the hearing next month. “We are going to hold the final proceeding on the decision in October, to let them report to us then we will check and see what their report says before we make a decision.”
