Cambodia Today

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Lawyers back graft law but doubt it will be enforced BUSINESS leaders showed fear regarding the potential effectiveness of Cambodia’s anticorruption laws to hold off graft within the private sector, as the long-awaited legislation was passed Thursday.

Kith Meng, president of Phnom Penh’s Chamber of Commerce and CEO of the Royal Group, one of Cambodia’s most prominent conglomerates, said Wednesday that passing the bill is a sign that the government is dedicated to combating corruption in the Kingdom, which would produce positive results for the private sector. Little mention of business regulations in the law, which was 15 years in the making.

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Article 19 declares that a soon-to-be-formed Anticorruption Committee will have the power to command any public or private figure to disclose personal financial information. “With more transparency, the private sector will become more open for foreign investors from all over the world. It will ultimately be a good thing for the private sector and a good thing for the country,” he said, adding that he was not concerned about the law’s lack of material regarding the business community.

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Cambodian banks put holds on their lending in the fallout from the international economic crisis, but they have continued to compete for customers. CAMBODIA’S banks will see lending growth climb as much as 20 percent in 2010, with a slower growth in deposits, marking a slight recovery in the sector, said the International Monetary Fund's chief representative in the Kingdom.

John Nelmes, IMF resident representative, wrote in an email Friday. “Lending growth of between 15 and 20 percent in 2010 would be in line with a modest recovery in economic activity and a reasonable increase in loan demand.” business growth grew just 3.2 percent to US$2.42 billion in 2009, up from $2.34 billion the year before, according to National Bank of Cambodia figures. Deposits rose 32.7 percent to $3.28 billion in the same period.

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Early in 2007, Cambodia news reported on the Cambodian government’s intention to develop Cambodia islands as a tourism magnet and Koh Dek Koule is the only private island resort in Cambodia to be fully developed. The Mirax resort as it is named, perches high on the island of Koh Dek Koule and is the height of luxury and privacy in its twelve exotic suites, with one-of-a-kind antiques, custom-made furnishings, Chinese gravures and local hand-woven silks.

The presidential suites cost $3,000 a night while the standard suites pitch in at a mere $360 per night. On Koh Pos (Snake Island), a group of Russian investors recently received approval to build a US$300 million tourist resort. In the meantime, it’s convenient location just 800 metres of Sihanoukville’s Victory Beach means you can currently enjoy day trips to tiny Koh Pos Beach, known for its birds and monkeys. Koh Koang Kang (Koh Tas) is a little further away (1 hour) with good beaches and snorkelling.

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