Tuesday, February 9, 2010

Cambodian Senate approves expropriation law

PHNOM PENH, Jan. 15 (Xinhua) -- Cambodia's Expropriation Law was approved by the Senate on Thursday with 50 votes in favor among 52 senators present, official news agency AKP reported on Friday.

The law will allow authorities to withdraw legal ownership on land and other immovable properties for public development purposes and building infrastructure to serve the national benefit.

Through the law, an expropriation institution will be formed which is composed of an expropriation committee conducted by Ministry of Economy and Finance and its sub-committees at municipal and provincial levels, Chea Cheth, chairman of financing, banking and auditing commission, was quoted as saying on the Senate floor.

An independent evaluation commission or agency for land and immovable properties is formed so that the compensation is able to be paid to owners according to the land market prices, he said.

The law will be used for contribution to implementing the royal government's rectangular strategy for infrastructure rehabilitation and construction toward the national development, as well as the promotion of the Cambodian people's living, mainly poverty reduction and the creation of investment opportunity in the country, he added.

The draft law will come into effect when signed by His Majesty King Norodom Sihamoni.


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