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.
Prime 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 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.
The draft law initiated in November 2014 comprises 12 Chapters and 90 Articles.
According to the draft, any companies which are allowed to do business involving state assets will only be given leases of between 15 and 50 years. Other conditions must also be strictly adhered to, failing which the lease can be revoked at any time.
The draft notes that economic land concessions must also not go on beyond 50 years and the amount of the land involved must not exceed 100,000 hectares.
Each person can receive economic land concession in several locations but the total amount of land must not be larger than 100,000 hectares.
Chapter 10 of the draft law deals with punishments for “competent authority and concerned officials” who fail to take action related to violation of state assets, the newspaper said.
Any violations in the occupation of state assets will carry jail terms of between two and three years and fines from about 1,000 USD to 2,500 USD. In some cases, the punishment could go up to five years in prison, it added./.
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