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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