News
Vietnam rubber firm reaches accord with Ratanakkiri ethnic villages
In an agreement mediated by the International Finance Corporation’s watchdog mechanism, a controversial Vietnamese rubber firm has reached a deal with 11 ethnic minority villages affected by its Ratanakkiri operations to return nearly 20 community “spirit mountains”, restore streams filled or polluted by its activities ...
Phak Seangly and Martin de Bourmont
http://www.phnompenhpost.com/national/vietnam-rubber-firm-reaches-accord-ratanakkiri-ethnic-villages
Acleda adds $40M to expand operations
Cambodia’s largest bank, Acleda Bank, announced yesterday that it was infusing $40 million to add to its current capital of $226 million, as it looks to expand domestic and foreign operations and keep up with the rising demand for credit in the Kingdom. ...
May Kunmakara
http://www.phnompenhpost.com/business/acleda-adds-40m-expand-operations
Rubber giant to hear villagers’ complaints
More than 15 months after a Global Witness report revealed that Vietnam’s state-owned rubber giant had illegally cleared land and displaced communities in Cambodia, the company has announced that it will accept and respond to complaints from those whose lives it has damaged. Vietnam Rubber Group, ...
Matt Blomberg
http://www.cambodiadaily.com/news/rubber-giant-to-hear-villagers-complaints-67074/
IFC sells stake in Cambodia's commercial bank to Japanese bank
The International Finance Corporation (IFC), a member of the World Bank Group, has sold its 12.25 percent stake in Acleda bank to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) in an undisclosed amount after having supported Acleda for over 15 years, said an IFC news statement ...
Shanghai Daily News Staff
http://www.shanghaidaily.com/article/article_xinhua.aspx?id=235929
Online registration option to be rolled out to SMEs
The Ministry of Industry and Handicraft will introduce an online registration platform for Cambodia’s small- and medium-sized enterprises (SMEs) this year, a ministry official confirmed yesterday. Heng Sok Kong, secretary of state at the ministry, said the new software for web registration was built in partnership ...
Annie Lee
http://www.phnompenhpost.com/business/online-registration-option-be-rolled-out-smes
HAGL filled in lakes: villagers
More than 100 families living in Ratanakkiri’s Lumphat district have filed a complaint with authorities, claiming a rubber giant – already accused of illegal logging – filled in two natural lakes, provincial officials said yesterday. Villagers, along with government officials, say Vietnamese company Hong Anh Gai ...
Phak Seangly
http://www.phnompenhpost.com/national/hagl-filled-lakes-villagers
Acleda sets aside $39M for branch expansion
Acleda Bank has reinvested $39 million of profits back into its operations instead of paying out dividends to shareholders, an announcement on its website states. It is the 11th time Alceda has opted to increase registered capital, with the latest top-up taking the bank’s total capital ...
May Kunmakara
http://www.phnompenhpost.com/business/acleda-sets-aside-39m-branch-expansion
HAGL called out at the UN
A Cambodian delegation to the United Nations last week used the stage to shame the World Bank’s financial arm for failing to adequately monitor investments in a Vietnamese rubber giant accused of illegal logging, forced evictions and sexual harassment. Representing 17 indigenous communities in Ratanakkiri that ...
Laignee Barron
http://www.phnompenhpost.com/national/hagl-called-out-un
Sexual abuse among claims against HAGL
Sexual assault and the annihilation of sacred graveyards are among the many claims levelled at Vietnamese Rubber giant Hoang Anh Gia Lai (HAGL) by villagers in Ratanakkiri province, a report by the World Bank’s investment arm reveals. In February, 17 indigenous communities that accused HAGL of ...
Daniel de Carteret
http://www.phnompenhpost.com/national/sexual-abuse-among-claims-against-hagl
Rubber firm accused of illegal logging puts Work on Hold
A Vietnamese firm behind several Cambodian rubber plantations accused of rampant land grabbing and illegal logging has bowed to a request from the International Finance Corporation (IFC)—which helps fund its operations—to temporarily suspend forest clearing at some of its local subsidiaries. In an April 28 decision, ...
Zsombor Peter and Aun Pheap
http://www.cambodiadaily.com/news/rubber-firm-accused-of-illegal-logging-puts-work-on-hold-58287/
Rubber company suspends projects as World Bank investigates
A World Bank-supported rubber company accused of land grabs has suspended some of its projects, as an investigation by the bank continues. The Hoang Anh Gia Lai company, which received support from the bank’s International Finance Corporation, said in a decision following an April 2 ...
Sok Khemara
http://www.voacambodia.com/content/rubber-company-suspends-projects-as-world-bank-investigates/1908775.html
IFC investigates over ‘land-grabbing link’
The International Finance Corporation (IFC) has launched an internal investigation into a complaint lodged against the institution for investing in a Vietnamese rubber firm accused of illegal logging and land grabbing in Ratanakkiri, an NGO and villager said yesterday. Earlier this month, representatives of the IFC’s ...
Amelia Woodside
http://www.phnompenhpost.com/national/ifc-investigates-over-%E2%80%98land-grabbing-link%E2%80%99
Palm oil plantation accused of withholding workers’ pay
More than 20 families working on a controversial palm oil plantation in Ratanakkiri province owned by the Hoang Anh Lumphat company have filed a complaint with rights group Adhoc accusing the owners of improperly withholding one month’s pay. Lor Sophal said he and another 22 families, ...
Aun Pheap
http://www.cambodiadaily.com/news/palm-oil-plantation-accused-of-withholding-workers-pay-53520/
Complaints against rubber company to be assessed, World Bank Office says
The World Bank’s ombudsman office says it will assess a complaint from indigenous groups in Ratanakkiri province that a bank-supported company has damaged the forest and surrounding communities. Seventeen different groups joined in the complaint, claiming the Hoang Anh Gia Lai rubber company, which receives ...
IFC accepts complaint over Ratanakkiri rubber plantations
The International Finance Corporation’s compliance ombudsman has officially accepted a complaint filed by ethnic minority families in Ratanakkiri province against the IFC for investing in rubber plantations accused of stealing land and clearing forests. In a letter sent to the families on Monday, the ombudsman deems ...
Zsombor Peter
http://www.cambodiadaily.com/news/ifc-accepts-complaint-over-ratanakkiri-rubber-plantations-53251/
IFC Ombudsman to help settle Phnom Penh airport land dispute
Representatives for the hundreds of families facing eviction from homes around Phnom Penh International Airport have agreed to let the compliance ombudsman of the International Finance Corporation (IFC), the private investment arm of the World Bank, mediate a solution to the land dispute with the ...
Aun Pheap and Zsombor Peter
http://www.cambodiadaily.com/news/ifc-ombudsman-to-help-settle-phnom-penh-airport-land-dispute-53146/
World Bank To Review Environmental Complaints Against Company
The World Bank says it will investigate reports from indigenous groups in Cambodia that a company funded by the bank’s International Finance Corporation is involved in deforestation and land grabs. The bank’s Office of the Compliance Adviser Ombudsman, or CAO, will first examine the credibility of ...
Sok Khemara
http://www.voacambodia.com/content/world-bank-to-review-environmental-complaints-against-company/1853122.html
Minorities complain to IFC over rubber farm funding
More than a dozen ethnic minority communities from Cambodia’s northeast filed a complaint with the International Finance Corporation (IFC) on Monday, accusing it of breaking its own safeguard policies by investing in rubber plantations they say are stealing their land and illegally logging their forests. The ...
Aun Pheap and Zsombor Peter
http://www.cambodiadaily.com/news/minorities-complain-to-ifc-over-rubber-farm-funding-51868/
Families to file complaint with IFC over rubber plantations
Some of the hundreds of families losing land and community forest to Vietnamese-owned rubber plantations in Cambodia’s northeast will this week file a complaint with the International Finance Corporation (IFC) over the investment it has made in the plantations’ parent company. Eang Vuthy, executive director of ...
Zsombor Peter
http://www.cambodiadaily.com/news/families-to-file-complaint-with-ifc-over-rubber-plantations-51765/
Profits peeled at new centre
A pilot cashew-peeling factory in Kampong Thom province aims to make business easier for farmers who have traditionally relied upon sending their raw harvest elsewhere for processing. With $130,000 from the Asia Development Bank, the building went up in May on 3,600 square metres in Kampong ...
Hor Kimsay
http://www.phnompenhpost.com/business/profits-peeled-new-centre