Logo of Phnom Penh Post newspaper Phnom Penh Post - In Brief: Kingdom to get first arbitration centre

In Brief: Kingdom to get first arbitration centre

In Brief: Kingdom to get first arbitration centre

The International Finance Corporation, a member of the World Bank Group, on Monday signed a Memorandum of Understanding with the Ministry of Commerce to establish Cambodia's first national arbitration centre to resolve commercial disputes. The agreement was inked Monday by Commerce Minister Cham Prasidh and Trang Nguyen, head of the IFC's Advisory Services in the Mekong. The proposed centre is to be the first commercial body in Cambodia to offer an alternative to the country's courts for dispute resolution and is expected to enable quicker and fairer resolution of disputes at a cheaper cost - thereby enhancing the private sector's comfort level when engaging in business transactions in the Kingdom, a press release stated Monday. Under the agreement, the IFC is to support the establishment and operation of the arbitration centre in its first three years, in collaboration with the Asian Development Bank and other partners. IFC support is expected to include advisory services in the selection and training of an initial group of arbitrators, establishing procedures for the body and supporting the centre's initial operations. nguon sovan

MOST VIEWED

  • New US bill ‘is a violation of Cambodian independence’

    After a US congressmen introduced bipartisan legislation that will enact sanctions on Cambodian officials responsible for “undermining democracy” in the Kingdom, government officials and the ruling Cambodian People’s Party on Sunday said they regarded the potential action as the “violation of independence and sovereignty

  • Angkor Wat named as the top landmark for the second year

    Travel website TripAdvisor has named Cambodia’s ancient wonder Angkor Wat as the top landmark in the world for the second year running in their Travelers’ Choice Award 2018, an achievement Cambodian tourism operators expect will attract more tourists to the Kingdom. The website uses traveller

  • Ministry’s plan for net sparks fears

    The government has ordered all domestic and international internet traffic in the Kingdom to pass through a Data Management Centre (DMC) that has been newly created by the state-owned Telecom Cambodia, in a move some have claimed is an attempt to censor government critics. Spokesman

  • Hun Sen detractors ‘will die’

    Prime Minister Hun Sen on Wednesday said those who curse or insult him would eventually die without a plot of land to bury their bodies after being killed by lightning, suffering the same fate as those who recently died in Thmar Baing district in Koh