PS Lao Enterprise Debacle Far From Over
With PS Lao Enterprise’s executive board members still in police custody, authorities have instructed shareholders to declare their losses and file an official case against the company.
As previously reported by The Laotian Times, police detained the company’s executives on September 12, after a heated argument erupted between the company’s executives and approximately 2,000 shareholders who were demanding their deposits back.
The Police General Staff Department of the Ministry of Public Security has advised all investors of the company to declare their losses and file all charges by the end of November, so that authorities can proceed to the next stage.
The department has instructed those who have shares in the company, to promptly bring forward evidence of their losses to officers at the department in charge of economic affairs.
Depositors who have lost money are required to submit a statement, declare their losses and file a case by November 30. Authorities will then compile all the evidence and statements submitted, and file a case against PS Lao Enterprise with a court of law. Those living in outlying districts or the provinces can file a case with their local police department.
A police source has confirmed that the executive team, including the company’s President Ms Souknaly Thepsimeuang, remains in police custody, however has declined to give any further details.
After being taken into custody, the executive duo no longer holds any administrative control over the company.
Representatives of the depositors have taken control of the company under the supervision of a task force committee. The committee will supervise the company’s operations during this transition period, until a new executive board is established. This new management group is expected to be made up of depositors’ representatives.
Established in 2012, the private company known officially as PS-Agriculture and Industry Development Import and Export Co., Ltd., enticed depositors by offering a high interest rate, but stopped paying any interest some time ago.
The number of depositors in PS Lao Enterprise declined from 50,000 to 30,000 after approximately 20,000 people withdrew their money when news of the scandal broke.