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Singaporean creditors to block MFone sale

Singaporean creditors to block MFone sale

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Women sit near a mobile-phone shop branded with MFone signage in Phnom Penh, Thursday, Nov. 29, 2012. Photograph: Heng Chivoan/Phnom Penh Post

Singaporean creditors will file injunction requests with the Thai embassy in Cambodia and the Thai Ministry of Commerce today to prevent Cambodia-based MFone transferring any assets until it repays a $3.7 million debt, lawyers said yesterday.

MFone owed the Singapore-based technology equipment supplier Eltek Valere a total of $3,733,989 from an unpaid 2008 GSM network supply contract, lawyers for Eltek told the Post yesterday.

“I am going to submit official letters to the Thai royal embassy and the Thai Ministry of Commerce this week,” Kouy Thunna, an Eltek representative and lawyer, said.

“The main purpose of my letters was to ask the Thai embassy and Thai Ministry of Commerce to implement the Cambodian court’s  decision, dated October 18, 2012, and prohibit MFone, which owes over $3 million, from being sold to other companies.”

According to court documents obtained by the Post yesterday, on October 18 the Phnom Penh Municipal Court handed down an injunction freezing MFone’s assets.

“I am asking the Thais to help prohibit MFone from selling its banned properties... until this case is solved by the court,” Thunna said.

The Post reported earlier this month that MFone was selling all its shares to an obscure Thai company called INT.

MFone chief executive Dr Yap Wai Khee could not be reached yesterday.  

Yap Wai told Eltek in a September 5, 2011 letter obtained by the Post yesterday, that: “Currently our shareholders are working on the debt restructuring with the bank. The negotiations and discussions are still going on, which we expect will reach conclusion shortly.

“After completing the restructuring plan, the shareholders will inject capital into Mfone to settle our debt due to you.”

To contact the reporter on this story: Buth Reaksmey Kongkea at [email protected]

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