Insurance? No Problem…
May 9th, 2006 by Jinja
Insurance? No Problem…
Ever wonder why there isn’t more foreign investment in Cambodia? Why there’s no ubiquitous Pizza Hut, McDonalds? Or maybe more international banking institutions?
Indochine Insurance used to be one of the largest insurers in Cambodia.
Depending on who you talk to, they were either liquidated for failing to comply with Cambodian business law, or forced out of the market.
“IndochineGate” contains one opinionated side of the story – that of former Indochine head Philippe Lenain, who at the end of his tenure was forced to take refuge at the French Embassy and escorted to the airport by consular officials.
The company used to operate from the ‘No Problem Insurance Park’, a garden space on street 178 featuring a historic colonial building. While all facts remain to be aired in public, the case demonstrates that doing business in the Kingdom is still far from simple.
As what I know, the IndoChina Assurance played an “unfair game” in Cambodia’s assurance market. The company had no actual capital. Sorry, if i am wrong!
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