Norwegian Energy Firm Eltek Demands Mfone Pay Up

Norwegian energy firm Eltek on Thursday demanded $5 million it is owed from bankrupt telecommunications company Mfone by the end of October and blamed the court and the government for stalling payment. During a meeting at Mfone’s headquarters in Phnom Penh’s Boeng Keng Kang III commune, Eltek officials met with court-appointed administrator Ouk Ry in an attempt to hash out a deal. “Our clear value at this moment is $3.6 million, but including legal fees, it rises to about $5 [million]. The date discussed in the meeting for payment was by the end of October,” Sven Skaug, director and country manager for Eltek, said after the closed-door meeting. ... Norwegian energy firm Eltek on Thursday demanded $5 million it is owed from bankrupt telecommunications company Mfone by the end of October and blamed the court and the government for stalling payment. During a meeting at Mfone’s headquarters in Phnom Penh’s Boeng Keng Kang III commune, Eltek officials met with court-appointed administrator Ouk Ry in an attempt to hash out a deal. “Our clear value at this moment is $3.6 million, but including legal fees, it rises to about $5 [million]. The date discussed in the meeting for payment was by the end of October,” Sven Skaug, director and country manager for Eltek, said after the closed-door meeting. Last year, Eltek filed an injunction at the Phnom Penh Municipal Court to freeze Mfone’s assets and obtain the money it is owed for installing communications technology. The court later approved the injunction, but then rejected it in an effort to pay back other creditors in the case faster. ...

 Simon Henderson and Aun Pheap
http://www.cambodiadaily.com/business/norwegian-energy%E2%80%88firm-eltek-demands-mfone-pay-up-42823/