Former customers of the Global Commercial Bank have 30 days to file their claims with a Phnom Penh-based firm appointed to oversee the bank’s liquidation, according to a public notice issued today.
Auditing firm Morison Kak and Associates has been appointed to conduct the voluntary liquidation of the bank, one of 11 shut down because it failed to meet standards in the new banking law. The new law increased capital requirements for each bank from $5 million to $13 million.
Global Commercial Bank is the first of the closed banks to publicly inform its clients of the liquidation process.
An official with Morison Kak and Associates said the decision to liquidate the bank was made by the bank’s Thai and Taiwanese shareholders.
Former customers of Global Commercial Bank should send their names, addresses and details of their bank accounts to the firm’s office in Phnom Penh, said the official, adding that the firm will investigate all claims and has been authorized to repay clients in full.
“After the 30-day limit is up, we will announce when the payments will take place,” said the official, who spoke on the condition of anonymity.
Those who still owe the bank money on unpaid loans will be investigated by a separate debt collector.
It is unclear how many customers are owed money and how many people still need to pay outstanding loans, the official added.
Only four of 31 commercial banks in Cambodia received new licenses following the implementation of the banking law.
An additional 16 banks have been allowed to temporarily operate, but are required to increase their capital to $13 million by the end of this year.
Phan Ho, director of the National Bank’s supervisory department, said last week that the majority of the 11 closed banks would appoint their own liquidators, but some will need to have liquidators appointed.
