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SCMP Reporter

VISITING Cambodian Prime Minister Hun Sen yesterday awarded investment, property and trading group Emperor a licence to open a full-service bank in the war-torn country in March.

  The investment is very unusual, as Mr Albert Yeung Sau-shing's foreign exchange and gold trader Emperor International Exchange is not involved in commercial banking, nor have many foreigners gained full banking licences in Cambodia.

   It entails an initial capital outlay of US$10 million.

  The announcement comes as continuing violence by the radical Khmer Rouge guerilla faction threatens to undo Cambodia's peace process and scupper long-awaited national elections.

  But Mr Yeung, who owns 70 per cent of Emperor International Bank (EIB), and Cambodian-Chinese business executive Suor Srun, who holds 30 per cent, remain undeterred.

  ''I had the opportunity to meet the prime minister early last year and we discussed what kind of business we might develop in Cambodia,'' said Mr Yeung, who plans to expand into gold trading in the country by mid-year.

    Following the establishment of headquarters in Phnom Penh, EIB - which will not be part of Hongkong-listed Emperor International Holdings - plans to establish several branches throughout the country.

  Mr Hun Sen said his government welcomed foreign investors in a wide range of industries, especially agriculture, timber, fisheries and mining.

  ''Those who dare to do business in Cambodia, those who come first, get the best places,'' he said. He was passing through Hongkong on an unofficial visit after meetings with Chinese leaders in Beijing.

  Mr Hun Sen rejected suggestions that the powerful Khmer Rouge could wreck Cambodia's rebuilding process and the chance of profitable returns for business pioneers such as EIB.

  ''The resolution of the [United Nations] Security Council has stated clearly that the elections can go ahead as scheduled and they can be held with or without the Khmer Rouge,'' the prime minister said through an interpreter, Vice-Minister Sok On.

  Mr Hun Sen, a former Khmer Rouge soldier who became prime minister in 1979 and leads one of four factions seeking to govern the country, said discussions in Beijing this week had signalled China's determination to ''push the Khmer Rouge in the peace process'', but it appeared that Thailand had ''more weight and influence'' with the rebel group.

    But even if the Khmer Rouge continued its armed opposition to the government, Mr Hun Sen said the country could continue to rebuild.

    'It is true if you have rebels it is not easy, but it doesn't mean they can stop the peace process,'' he said, adding that countries such as Thailand, Malaysia and the Philippines had successfully withstood long-running guerilla movements in the past.

  ''I think Cambodia will have real stability to develop the country. I don't believe that the rebel Khmer Rouge can exist for long,'' he said, adding: ''If you compare Cambodia to the Philippines, maybe we can say that Cambodia is relatively more stable.''  Emperor group's business includes jewellery and watch retailing, foreign exchange, securities, futures and bullion trading, property investment and manufacturing.

  Last November, Emperor formed a joint venture with China's Justice Department to provide financial information to overseas operations in China, called Beijing Emperor International Consulting Co.

  The venture has applied to the Chinese authorities to set up what would be the first Sino-foreign joint venture bank in Shanxi province and the fourth in China, with start-up capital of US$100 million.

  Emperor's other business interests in Cambodia include a joint-venture property development.



Trading firm to open bank in Cambodia