ANZ mulling payout to sugar project victims
The victims of Ly Yong Phat’s Phnom Penh Sugar Company development project in Kampong Speu province’s Oral district said they are “happy” to hear that ANZ Bank had declared to the Australian Parliamentary Committee that it would consider compensating those affected by the project. ...
Khouth Sophak Chakrya
ANZ failed to meet human rights standards: government report
ANZ Bank failed to meet its own human rights standards when it financed a Cambodian sugar plantation that was linked to forced evictions, child labour and workplace deaths, according to an Australian government investigation. ...
Richard Baker and Nick McKenzie
Land-grab complaint against ANZ filed with OECD
NGOs have filed a new complaint against Australia’s ANZ Bank claiming it owes compensation to 681 Cambodian families who say their farms were illegally grabbed by a sugarcane plantation the bank helped to finance. ...
Royal Group denies report that Cellcard seeks investor
Royal Group executives, owners of Cambodia’s leading mobile phone operator Cellcard, vigorously denied the veracity of a London-based media report on Friday that claimed the phone company is looking for investors and wants to sell off its telecommunications towers because it is unable to raise ...
Coca-Cola auditors visit sugar suppliers
Third-party auditors hired by The Coca-Cola Company are conducting an audit of Cambodian sugar suppliers, NGO and community representatives said yesterday. “Coke has commissioned them to conduct an assessment on their suppliers. They will talk to all parties, the community, NGOs and the company,” said Eang ...
Kevin Ponniah and May Titthara
Local banks gain trust: survey
Nearly nine out of 10 Cambodians have confidence in local financial institutions, a trend that stands in sharp contrast to Europe and the US, a poll published last week found. However, industry insiders question the results, as the Kingdom’s financial services are still under-developed. The poll ...
ANZ report shows a vulnerable Cambodia
Cambodia and Thailand’s financial exposure to Europe would make the two counties the most vulnerable regionally, an ANZ Bank report showed. The Kingdom’s exports and tourism sectors were on increasingly unstable ground as Europe’s debt crisis advanced. ...
Rice Crops Take A Pounding From Southeast Asian Floods
October marks the start of the main rice harvest in Thailand, the world’s largest exporter of the grain. Traders are waiting to see the full impact of flooding on the crop, but it’s already clear that output across Southeast Asia will fall substantially. The U.N.’s ...
Pay Off Officials, Risk Prison Stint, New Law Says
The government has brought into force a new law that makes all illegal payments to officials punishable by up to 15 years in jail for those who accept such payments and up to 10 years for those who make payments. Im Oudom, a member of ...