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

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

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/

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

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 ...

Sok Khemara
http://www.voacambodia.com/content/complaints-against-rubber-company-to-be-assessed-world-bank-office-says/1860009.html

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

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