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Thai, Cambodia to Talk about Payment for Riot Damage, Lost Business

February 8, 2003 3:12am

Feb. 8--Cambodia will be asked to pay compensation of 2,364.61 million baht for riot damage to Thai properties in Phnom Penh last week, according to the government.

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The figure will be raised by the Foreign Affairs Ministry in talks with Cambodian officials on Monday.

Commercial Counsellor Phitsanu Rienmahasarn said the total was obtained by surveying 45 companies in Phnom Penh. The firms reported 2,066.42 million baht in lost assets and 298.19 million in lost opportunities.

The Cambodian government will be asked to ensure that the riots are not repeated. As well, Cambodia will be asked to reissue company documents which had been destroyed.

Thai businessmen have expressed a willingness to resume operations in Cambodia but have asked for safety guarantees and an emergency hotline to be opened.

Meanwhile, Bangkok Insurance Plc said its affiliate, Asia Insurance (Cambodia) Co, was assessing damage to properties it had insured.

The Thai Embassy in Phnom Penh was insured for 270 million baht, the Royal Phnom Penh Hotel for 110 million baht, CPAC Cambodia for 25 million baht, CPAC Monier for 47 million baht, Siam Cement Cambodia for eight million baht and Bangkok Airways for six million baht. The embassy was the only property reinsured with Bangkok Insurance Plc, the company said.

Bangkok Insurance provides separate coverage worth 80 million baht for Cambodia CPG Garment Co and Commercial Development.

The company said it would take several days to finalise compensation payouts.

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To see more of the Bangkok Post, or to subscribe to the newspaper, go to http://www.bangkokpost.com

© 2003, Bangkok Post, Thailand. Distributed by Knight Ridder/Tribune Business News.


Copyright © 2003 Knight Ridder Tribune Business News