Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodian bourse needs sound foundation

Cambodian bourse needs sound foundation

Cambodian bourse needs sound foundation

Dear Editor,

I was just sifting through the news story “Taking stock: Cambodia’s exchange” published September 15.

I would like to draw attention to a few other facts regarding the forthcoming Cambodian stock exchange.

First, the country lacks a professional financial-reporting system. There is no agency in the government, or no independent agency, to check accountability.

Furthermore, there is no qualified institution in the country to certify auditing and accounting professionals. Cambodia also lacks any agency that can function as a credit-rating firm.

Company secretaries and chartered/certified public accountants are also unheard of, except for the few professionals who have come to Cambodia to try their luck.

While the Kingdom does have a few high-end financial professionals, such as Ernst and Young and KPMG, it remains to be seen whether they are equipped to maintain the requirements of a fully fledged financial market, or bourse, such as the planned Cambodian exchange.

If the government moves ahead with its plan for a stock exchange in the absence of basic parameters as outlined above, the country will witness rampant manipulation of stocks, and the public will suffer as a result.

This, in turn, would damage the image and credibility of the government as well.

Bashr Kuk
Siem Reap

Send letters to: [email protected] or PO?Box 146, Phnom Penh, Cambodia. The Post reserves the right to edit letters to a shorter length. The views expressed above are solely the authors’ and do not reflect any positions taken by The Phnom Penh Post.

MOST VIEWED

  • Negotiations on EBA being held

    In an effort to defuse tensions, a senior government official said Cambodia is negotiating with the European Union (EU) on the Everything But Arms (EBA) trade deal, which allows the Kingdom to export goods to the 28-member bloc tariff-free. The EU notified Cambodia on October 5

  • Ministers to tackle sea pollutants

    Preah Sihanouk provincial authorities and members of local communities have collected 77 tonnes of water hyacinth at a Sihanoukville beach, Preah Sihanouk Provincial Hall spokesperson Or Saroeun said. He told The Post yesterday that the aquatic weeds had been floating along some of the province’s

  • Chinese police escort deported scam suspects

    Ninety-one Chinese nationals accused of extorting money from victims in a Voice over Internet Protocol (VoIP) scam were deported from Phnom Penh International Airport on Monday under the escort of 182 Chinese police personnel. General Department of Immigration head of investigations Ouk Hay Seila told reporters

  • EU officials: Ending EBA an 18-month procedure

    EU officials have confirmed that it will take a total of 18 months to complete the procedure if Cambodia’s preferential Everything But Arms (EBA) trade agreement is to be withdrawn. According to EU Agriculture and Rural Development spokesman Daniel Rosario, the formal process has not