[PHNOM PENH POST]
BATTAMBANG provincial court has issued an injunction halting the sale of
any part of Loran Import Export Company in a dispute over ownership of
the prominent rice milling firm, according to a statement.
The
plaintiffs, including prominent media personality Soy Sopheap as well as
Uy Ang Eng, and Dy Borima, had become shareholders in Loran in July
2010, the injunction said.
The dispute stems from a decision by
Loran Import Export President and CEO Lim Bunheng to set up Loran Group
in November last year, which excluded the plaintiffs in its ownership
structure, Soy Sopheap’s lawyer Kuoy Thunna said yesterday.
“The
new company is a rice company, same as the old one. It’s not right to be
shareholders in one company and opening a second company in the same
business,” he said.
Loran Group had no assets, and the injunction
would prevent any transfer of assets such as machinery to the company
from Loran Import Export, he claimed.
The injunction, handed down
by judge Saoeun Kosal Mony on July 18, halted any attempt by Loran
Import Export to sell, rent or mortgage the company’s property. However,
he denied three further requests by the plaintiffs, who had also asked
to share in profits, for the court to make records of the company’s
property, and halt activity at the mill.
Loran Import Export,
represented by lawyer Khiev Sambo, had previously filed a complaint to
the Phnom Penh Municipal Court to invalidate the contract between Loran
and Soy Sopheap’s group.
The injunction quoted Khiev Sambo as
saying Soy Sopheap’s demands were not just as “the plaintiff had not yet
paid in full for its shares, and had never joined in with company
operations”.
Yesterday, Khiev Sambo declined to comment on the court’s decision. Lim Bunheng could not be reached.
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