Logo of Phnom Penh Post newspaper Phnom Penh Post - Probe launched into ‘debt-related suicides’

Probe launched into ‘debt-related suicides’

Association of Banks in Cambodia and Cambodia Microfinance Association logos. Facebook
The Association of Banks in Cambodia and Cambodia Microfinance Association logos. FACEBOOK

Probe launched into ‘debt-related suicides’

The Association of Banks in Cambodia (ABC) and the Cambodia Microfinance Association (CMA) are working together with members over the allegation on suicides and attempted suicides due to over-aggressive handling by loan officers in Ratanakkiri recently.

According to a joint statement by both parties, there have been allegations of a number of alleged suicides and attempted suicides due to over-aggressive handling by loan officers in the northeastern province, which it is considering seriously.

The ABC and CMA strongly advocate and support the agenda on Responsible Lending and Consumer Protection.

“We [ABC and AMA] have requested the individual institutions in the report to conduct a thorough review of the accounts. We also strongly believe that an independent investigation is needed to ensure the integrity of the findings,” the statement read.

“Should there be misconduct found, we strongly support disciplinary actions to be taken against the institutions or individuals concerned. We believe such action is necessary to restore the reputation and confidence of our financial system.”

Both the associations appreciated the interests of the NGOs on the matter, and hoped that in future they would work together constructively to protect consumer interests.

The ABC and CMA, with the support from the National Bank of Cambodia (NBC), continue to strongly advocate both Financial Literacy and Financial Access agenda alongside ensuring all members adhere to our Responsible Lending and Code of Conduct.

“We will also continue to review our individual credit assessment and collection policies and make necessary refinements to ensure the right balance approach is taken, where the interest of both Customers and Banks/MFIs are protected,” it stated.

According to Kaing Tongngy, a spokesperson of CMA, the association received information from the media and NGOs regarding four suicides and one attempted suicide alleging its connection with the microfinance institution.

“It is such a serious case that has never happened at the microfinance institution so we are working with our members to collect information and evidence.

“So far, we have not found any direct involvement between microfinance institution and the client leading to committed suicides or an attempted suicide. This is just the audit report from each microfinance institution.

“With our standing point, we need to have an independent investigator to audit to make sure that the allegations of suicide or attempted suicides were driven by the pressure of the microfinance and the bank.

“This is so that we can take action on those who were involved and face justice. If there is no evidence, that would help safeguard our integrity and reputation,” he told The Post on August 9.

According to the NBC, as of June 2023, Cambodia has 59 commercial banks, nine specialised banks, five deposit-taking microfinance institutions, 82 non-deposit-taking microfinance institutions and 118 rural credit institution.


  • Tensions high ahead of historic Kun Khmer match up

    The long-awaited November 5 matchup between Kun Khmer legend Prum Samnang and Myanmar-Canadian boxer Dave Leduc has become the most anticipated fight of the year. The Wurkz Sena Kun Khmer promotion, which will be held at the Town Arena at Chip Mong 271 Megamall, will see six

  • Manet: Cambodia safe for travel

    Prime Minister Hun Manet acknowledged that Cambodia and China have cooperated to tackle internet scamming, fraud and other cross border crimes, but insisted that the “Kingdom of Wonders” is completely peaceful and safe. He welcomed tourists to come and explore its rich heritage. During a

  • UNESCO formally list Battambang gastronomy

    Battambang, renowned for its cultural heritage, has achieved a significant milestone as the first Cambodian municipality to join the UNESCO Creative Cities Network (UCCN). The UCCN unites nearly 300 cities prioritising creativity and cultural industries in local development plans and international cooperation. On World Cities Day,

  • Cambodia pivots to solar, wind energy

    Cambodia is planning a move towards solar and wind energy to meet its rising power demands, according to Minister of Mines and Energy Keo Rottanak. On the sidelines of the Singapore International Energy Week event held recently, Rottanak emphasised the urgency of diversifying Cambodia’s

  • Angkor causeway symbol of Cambodia-Japan ties

    In a historic moment marking another milestone in the 70-year-long diplomatic relations between Cambodia and Japan, King Norodom Sihamoni celebrated the formal inauguration of a causeway located to the west of the world-renowned Angkor Wat. While presiding over the November 4 ceremony, the King emphasised the

  • Manet calls for Cambodia’s railways to get back on track

    Prime Minister Hun Manet has instructed the relevant authorities to expedite studies into upgrades to the Phnom Penh to Preah Sihanouk railway line. He suggested that the maximum speed on the line should be increased to 80km/h, in order to expedite the transportation of