HEADLINE-ASEANEWS: CAMBODIA: Penniless home buyers burn tyres to protest lockout
Home buyers from Borey Piphup Thmey burn car tyres in protest against Borey New World Property Development Company after they were locked out of their homes. Koh Santepheap / Buth Reaksmey Kongkea / Khmer Times
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At least 20 Borey Pipup Thmey home buyers staged a protest on Saturday after they were locked out of their homes by company security guards at a Borey Pipup Thmey-Kour Srov II in Dangkor district of Phnom Penh on Saturday.
During the protest, home buyers burned tyres in front of the Head Office of the Borey
New World Property Development Company, but did not cause any injuries or serious damage.
Fire trucks belonging to the property developer put out the fires.
Protesting home buyers are asking for the owner of Borey New World Property Development Company to buy back their homes at 50% of their original price because they can no longer afford to continue making payments on their properties.
They also asked the owner of the housing development not to lock them out of their homes only because they cannot cover payment on the installments of their houses. They asked the company to allow them to stay in their homes until a final resolution is reached.
Nhanh Sok-Heng, a home buyer, said, “We burned tyres in front of company office not to create a problem, but because we just wanted the owner to find an appropriate solution for us.”
“We want the company to buy back homes from clients who are no longer able to afford payments, and to stop locking homes or evicting us from the property without any resolution,” he added.
Hek Phearin, another home buyer, said that she had paid installments on her home since 2020.
She said that when she contracted to buy the home, the developer of Borey Pipup Thmey promised her that if she was unable to make future payments, the company would agree to buy it back from her at a value equal to 50% of its original sale price.
She noted that she was no longer able to earn money to pay for the home, and she had tried to negotiate with the owner of the company for almost a year to resell her property.
She added that the developer did not accept her proposal and had locked her out of her home.
Last month, about 100 investors in homes sold by the Borey New World Property Development Company met Minister of Land Management Say Samal to look for a solution.
Samal asked the home buyers to stop protesting so that ministry officials could figure out a workable solution with company representatives.
Memento Maxima Digital MarketingMYANMAR: Telenor seeking payout from Myanmar junta in secret arbitration
A panel has been formed in Singapore to hear Telenor’s claims for compensation from Myanmar over money lost in its controversial Myanmar exit
Norwegian telecoms giant Telenor Group has launched arbitration proceedings against Myanmar in Singapore to seek compensation under the Myanmar Singapore Bilateral Investment Treaty for funds lost in its hasty and controversial exit from the country following the 2021 military coup.
The details were first reported by IA Reporter, a website that tracks investment arbitration.
According to IA Reporter, Telenor is arguing that it could not conduct a normal sales process. An arbitration tribunal has reportedly been established in Singapore to hear the case, with lawyer Marinn Carlson appointed chair by the World Bank’s International Centre for Settlement of Investment Disputes (ICSID).
ICSID and Telenor have both appointed a member to the tribunal, while the junta, which Myanmar Now understands is acting as the government of Myanmar in the proceedings, refused to nominate anyone.
As is standard practice with international investment arbitration, the hearings and outcomes are. . .
UN appoint new special envoy for Myanmar
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SINGAPORE: Delays to opening of Singapore’s 4th egg farm, which was slated to begin operations in 2024
SINGAPORE – Singapore’s fourth egg farm, slated to begin operations in 2024, is facing delays attributed to rising construction costs and challenges linked to its biosecurity measures, The Straits Times has learnt.
When fully operational, the $100 million farm would have the capacity to produce 360 million eggs a year.
This would enable Singapore to meet up to 50 per cent of its egg consumption needs – up from around 29 per cent as at 2022 – moving the country closer to achieving its 30 by 30 goal of producing 30 per cent of its nutritional needs locally by 2030.
