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Cambodia: Council of Ministers approves draft law on state assets

The Office of the Council of Ministers of Cambodia has approved the draft law on control, use and management of the state assets during a closed-door Cabinet meeting chaired by Prime Minister Hun Sen, according to Khmer Times.
Cambodia: Council of Ministers approves draft law on state assets ảnh 1Prime Minister Hun Sen chairs the Council of Ministers meeting on July 3. (Photo: khmertimeskh.com)

Phnom Penh (VNA) - The Office of the Council of Ministers of Cambodia hasapproved the draft law on control, use and management of the state assetsduring a closed-door Cabinet meeting chaired by Prime Minister Hun Sen, accordingto Khmer Times.

The draft law initiated in November 2014 comprises 12 Chapters and 90 Articles.

According to the draft, any companies which are allowed to do businessinvolving state assets will only be given leases of between 15 and 50 years. Otherconditions must also be strictly adhered to, failing which the lease can berevoked at any time.

The draft notes that economic land concessions must also not go on beyond 50years and the amount of the land involved must not exceed 100,000 hectares.

Each person can receive economic land concession in several locations but thetotal amount of land must not be larger than 100,000 hectares.

Chapter 10 of the draft law deals with punishments for “competent authority andconcerned officials” who fail to take action related to violation of stateassets, the newspaper said.

Any violations in the occupation of state assets will carry jail terms ofbetween two and three years and fines from about 1,000 USD to 2,500 USD. Insome cases, the punishment could go up to five years in prison, it added./.
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