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Workers seek cash advance

Workers seek cash advance

An employee representative of bankrupt Cambodian telecommunications operator Mfone told the Post on Wednesday that  he is seeking a cash advance of $4.4 million from Singapore-based Shenington Investment Co Ltd, a subsidiary of Thaicom, to compensate more than 1,000 unpaid employees with their salaries and sincerity fees.

Nearly 100 former employees gathered for the third day yesterday morning to protest outside the former company’s headquarters to claim compensation for what they are still owed by the company.

Pang Vuthy, one of the workers’ representatives, told the Post on Wednesday after the demonstration that he emailed Shenington on May 22 to ask them to pay the amount of money in advance for employees, and said they will get paid back when Mfone’s asset here are sold.

“We requested them to give the money to us first so that when Mr Ork Ry, Mfone’s nominated creditor, sells the assets, we will give them back the money,” he said.

“We got a reply from the manager of the company on the 27th suggesting to us to be careful with the money that they give, by asking someone to recognise and guarantee it for paying back.”

“They requested of us that, if they money is given, we have to make sure that all the other creditors will not come to demand it because it is for employees,” he added.

“They will hold a board meeting about the money on the 31st  so they will let us know,” he said.

Ork Ry, court-appointed liquidator for Mfone, confirmed to the Post on Wednesday that he is aware of the loan issue and he will be responsible for it.

“Now, we are waiting for their response. I am sure I will guarantee it for them,” he said.

Mfone’s estimated $105 million value was just the book value of the initial assets list.

However, the Post reported in April that the telco’s actual market value would be more likely to be in the range of $30 million to $40 million.

At the beginning of this year the bankrupt telco had reached a deal with locally based Mobitel by transferring all its subscribers to Mobitel, the leading mobile operator in Cambodia.

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