Telecom Cambodia Suffers Amid Competition
State-owned Telecom Cambodia lost more than $40 million during the five-year tenure of director general Lao Saroeun, who is now set to move into a new government job despite an investigation into alleged corruption at the company, officials said yesterday. ... Speaking at the annual meeting of the Ministry of Post and Telecommunications, Secretary of State Sarack Khan said that in 2012, Telecom Cambodia- which provides commercial phone and internet services- made losses of more than $10 million. In 2011 the company lost $14 million. ... According to staff, the company also lost more than $17 million between 2008-when Mr.Sarouen took over as director general- and 2010. ... [Mr. Kahn] said the overcrowded telecommunications market, in which there are now six competing companies after a series of bankruptcies and mergers, meant that prices had been driven too low. Despite the tough market, the company had been named as the candidate to be listed on the Cambodian Securities Exchange. ... La Narath, a secretary of state at the Telecommunications Ministry, said that Kim Vikra, who stepped in as acting director –general as Mr. Saroeun went off sick, will be officially appointed to the position during a ceremony next week. ...
