Mfone value is revised

Althought the initial book value – purchase cost minus depreciation – of the assets of bankrupt Cambodian telecommunications firm Mfone was estimated at $105 million, employee representatives claim the estimated market value is closer to $30 million to $40 million. Bou Kunthea, an Mfone employee representative, told the Post yesterday that the figure of $105 million was just the book value of the initial assets list, but the actual market value would be much less. She said she was advised by court-appointed liquidator Ouk Ry that it was in the range of $30 million to $40 million. … Meanwhile, employee representatives were at odds with the Cambodian Labour Confederation (CLC), which led a protest of about 200 former employees at the Ministry of Social Affairs, Veteran and Youth Rehabilitation, demanding the situation be resolved soon. Employees’ representatives stayed out of the protest, concerned CLC would charge workers for the successful resolution of the dispute. “They come to lobby the employees so they can protest to get a faster solution and provide all payments that employees should get by just paying 10 per cent to the union when the protest is successful,” Kunthea said. …

http://www.phnompenhpost.com/2013040264827/Business/mfone-value-is-revised.html