Different dispute resolution options set for post-Covid
mediation will help boost entrepreneurship, free company funds otherwise tied up in disputes, and create a conducive environment for investors, SMEs and entrepreneurs,” it said.
IFC resident representative for Cambodia Asad Yaqub said in the statement: “At IFC, our experience shows that during crises, a robust commercial mediation mechanism is critical to promote faster commercial or debt-related dispute resolution.
“As the Cambodian economy recovers from the pandemic and continues to grow, efficient alternative dispute resolution options will give the private sector more confidence to engage in business transactions, encouraging investment and promoting economic growth in the country,” said Yaqub.
NCAC president Bun Youdy added: “Even though mediation is a longstanding tradition in the Cambodian society, structured commercial mediation is a relatively new concept for business community here.
“I believe a strengthened alternative dispute resolution mechanism along with capable mediators will encourage more businesses in the country to adopt commercial mediation, a way to help resolve their disputes in a fast, cost-effective, and efficient manner.
“An internationally recognised accreditation to the 16 trainees is a remarkable milestone,” he was quoted as saying.
Citing International Chamber of Commerce (ICC) records, the statement added: “An average mediation process lasts four months from the date the request for mediation is filed to the end of the proceeding. However, the actual meetings with the mediator last just one to two days.”
On January 21 last year, Minister of Justice Koeut Rith signed legislation establishing the Commercial Court Organising Committee.
And on June 24, the Ministry of Justice, Cambodia Chamber of Commerce (CCC) and other relevant stakeholders held a virtual consultation session looking to speed up the process of setting up the court.
CCC vice-president Lim Heng told The Post on June 30 that the justice ministry was preparing to set up commercial courts in three initial locations – in Phnom Penh and the provinces of Siem Reap and Preah Sihanouk. He expected the three to be established by early 2022.
And on August 5, Ministry of Commerce secretary of state Cham Nimul revealed that investors to date had submitted 27 complaints regarding trade disputes to the NCAC.