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CBC replies

The Editor,

In your article of June 16, 1995 entitled "National Bank

Governor for the Chop" by Nate Thayer, it was written with many points away from

the facts, which we would like to retain the right of correction as follows:

1. The point that the assets of the Credit Bank of Cambodia (CBC) were seized

on June 6 is untrue. We would like to clarify that the CBC had not been ordered

by the court or any institution to have its assets seized. Please read the

decision of the National Bank, dated May 6, 1995.

2. The point saying that the CBC and it's principal shareholders were facing

a number of civil and criminal charges in Canada and Cambodia ranging from the

transferring of drug money to the defrauding of creditors is not true. We would

like to say that the CBC is purely a Khmer bank without any shareholders

involved in civil or criminal charges in Cambodia or Canada.

3. Saying that on June 7 independent auditors were confronted by private

security guards with AK-47 rifles denying them access is not true at all. We

would like to clarify that the management team, which your article referred to

as independent auditors, is a private company which the CBC hired to deal with

its financial situation with the approval of the National Bank and they were not

 appointed by the Royal Government. Having seen that this company was

incompetent and had not complied with its contract, the CBC requested the

National Bank on May 29, 1995 for the official termination of the company's


4. The point that in April a principal shareholder of the CBC, Ms Leng Ky

Lech, was under indictment for accounts of laundering drug money in Montreal was

not true and is a defamation. In fact, Ms Leng Ky Lech had not experienced any

indictments in Canada.

5. In the previous edition, your article said that the CBC owed money to the

Marleau Lemire, but in fact, the CBC did not. It is a case involving work of the

court. We would like to clarify that this company had been sued by the

association for earning commissions to the court, and it had been tried by the

Montreal court resulting in a fine of $165,000 dollars, which was the most

severe fine since 1982.

- Sy Veng Chun, Managing Director, Credit Bank of Cambodia.



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