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Hundreds Storm PS Lao Enterprise’s Offices

On Tuesday, September 12th, two senior executives of PS Lao Enterprise were taken into police custody following a heated dispute between the company’s co-presidents, Ms Souknaly Thepsimeuang and Mr Porher, and an angry swarm of shareholders demanding their investments be returned. It is currently unclear whether the duo were placed under arrest by authorities, or were just escorted off the premises by police in an attempt to deescalate the highly-tense situation.

As previously reported by The Laotian Times, PS Lao Enterprise is a company that produces food items such as meat, fish, rice, drinking water and is an importer of various grocery and consumer products in Laos.

However, the company came under fire in September, 2016 when the Bank of Lao PDR issued a warning to the enterprise to cease mobilizing funds from the public, and to return all investments made. The company denied the accusation and responded that no such activity existed.

Officially registered as PS-Agriculture and Industry Development Import and Export Co., LTD. in 2012, the corporation sourced funds in the same way as a public company or a bank, which is a violation of Lao law. As a limited private company, sourcing capital to operate a business is the responsibility of the investor.

The company accumulated massive sums of money from approximately 30,000 depositors, encouraging participants to invest anywhere from 500,000 LAK to 1 billion LAK. Investors were initially promised a high monthly dividend of 6%, but over time that number was reduced to 4.8%, then to 2%, and eventually shareholders stopped receiving interest from the firm completely. Some claim that 24% bonuses were extended to those who maintained their deposits for a year.

After investors stopped seeing dividends, the majority of shareholders wanted to withdraw their investments. In April, 2017 Ms Souknaly addressed the people’s request by saying the company was happy to refund anyone who wanted to part ways.

However, since the funds were not readily available, Ms Souknaly informed those who wanted to rescind their investments to notify the corporation officially of their intention to withdraw the money and then wait 3 months for products to be sold before a refund could be issued.

She also gave business partners a second alternative, encouraging investors to opt for marketing the company’s products themselves in correlation to the amount they had invested.

In June, the Bank of Lao PDR issued a final warning to PS Lao Enterprise instructing them to return all funds to investors by July, 7th or be reprimanded. The company was also required to submit daily progress reports of repayments to the central bank leading up to the deadline, however an official with the bank confirmed no reports were ever received.

On Monday, two months after the set deadline, hundreds of angry investors bombarded the PS Lao Enterprise office demanding answers.

After a meeting between board members and shareholders ended in a stalemate, a mob consisting of over 1000 members returned on Tuesday with fury.

As tensions escalated amongst the crowd, law enforcement intervened and Ms Souknaly and Mr Porher were lead away in a dark police van.

A special task force committee assembled by the government earlier in the year to address the matter, convened with shareholders after the executives were detained.

The meeting produced an agreement to include representatives for the investors on the special committee, so that the investors will have a chance to participate in finding an acceptable solution.

An official has announced that the authorities in charge have previously submitted a report about the issue to higher authorities along with recommended solutions, but declined to comment further on the proposed solutions, stating that they are now waiting for guidance from higher authorities before taking the next steps.

Food Park Opens in Vientiane City Center

Gone are the days of not knowing where to eat, thanks to M-Park food and beverage park. Situated in the city center of Vientiane Capital, directly across from Xayoh Grill House, this charming food park offers an array of delicious food and beverage stalls, all in one alluring open-aired location at an affordable price.

With fairy lights strung from above, guests can unwind after a long day (Mondays. Am I right?) with a drink and some tasty food under the Vientiane sky. With over 20 stalls set up, patrons can indulge in cheesy fries, tacos, hot pot, ramen, seafood, traditional Lao food, and a variety of desserts.

Filled your stomach but not ready to go home? No problem, chill out at one of the beverage stalls including C Plus Fruit Juice or Dood Nom Milkshake Bar. Though most stalls sell beer, if something stronger is needed, The Lab, Dexter Crime Scene Bar and Tony Mix Cocktail are just a few bars on the premises that can quench your adult beverage thirst.

 

This park specializes in diverse food and beverage carts, so you won’t find any clothing stalls or electronic booths here. Whether you’re just visiting for a few days, hosting some out-of-town friends, or just want a place to hang out after work, M-Park will take the stress out of your decision making.

The park offers free WIFI and is located on Rue Samsenthai, near the  National Cultural Hall, M-Park stalls generally are ready to start serving at 17:30 and close down around 23:30. There is ample seating and parking, however if you have a large group, prepare to arrive early to find seating together. Checking forecasts beforehand is recommended.

Photos: M-Park

Scruffy That Dam in Need of Refurbishment

Scruffy That Dam

That Dam, the black stupa, is a well-known if not so revered stupa that stands as a landmark of downtown Vientiane. While its origins are shrouded in mystery, the stupa has always been a source of pride for local residents.

This year, the famous That Dam stupa has been left so scruffy that it could almost be renamed the green stupa, with tufts of grass jutting out across its surface, and weeds growing wildly all around.

Unknown Origins

The origins of the That Dam black stupa are unknown, but since the French colonial period at least, the stupa has maintained its dark shade due to a lack of refurbishment or a fresh coat of paint.

that dam in 1930
That Dam stupa in 1930

According to a recent Lao Post article, the stupa fell into disrepair after the land on which it stands came into the ownership of the colonial French.

The grounds surrounding the stupa originally belonged to a renowned temple called Wat Phrarathsanatta, built by King Setthathirath in honor of his neice.

While not the original name for the stupa, owing to its eventual dark color, the stupa became known locally as That Dam.

Introducing the First Miss Universe Contestant from Laos: Souphaphone Somvichit

Yesterday evening, in the sleepy capital of Vientiane, Souphaphone “Nui” Somvichit made history by becoming the first ever woman from Laos to be sent to compete in the Miss Universe Competition.

Meet History’s First Miss Universe Laos

MUL03 Souphaphone Somvichit is crowned Miss Universe Laos 2017
MUL03 Souphaphone Somvichit is crowned Miss Universe Laos 2017

Vientiane, Aug 26 – In a historic moment, Laos crowns its first-ever Miss Universe Laos. Her name is Souphaphone “Nui” Somvichit.

During a glamor-filled evening at the National Convention Center (NCC) in the nation’s capital, TVLAO hosted the country’s first Miss Universe Laos competition that resulted in Laos’ first-ever representative to be sent to compete in the international stage.

Standing 1.78m, the twenty-year-old Business Administration Comcenter College student (MUL3) showed the country that she was now ready to compete in the big leagues.


Souphaphone is no stranger to the limelight. She garnered the public’s attention when she became first runner up in the Miss Vientiane 2016 Competition. After that, she had already won several modeling gigs, with the most notably being featured as the cover girl of the famous Mahason Magazine Issue 215. She also played a lead role in sensational rock group, Black Eyes’ music video, Kub Pai Sa.

Nui Souphaphone (center), stands in between Miss Universe Laos Director Hongkham Souvannavong and his wife.


The runners-up are as follows:

1st Runner-up: Aliyavanh Phommachack MUL 9

2nd Runner-up: On-Anong Homsombat, MUL 5

3rd Runner-up: Varissara Tangsouvanh, MUL 1

4th Runner-up: Souksavanh Luangrath, MUL 6

Photos: Souphaphone Somvichit’s Facebook Page

Border Tensions Ease as Cambodia’s PM Flies to Laos for Talks

Border-Dispute-Hun-Sen-vs-Thongloun-Sisoulith

Cambodian Prime Minister Hun Sen flew to Vientiane this morning to meet with Lao Prime Minister Thongloun Sisoulith and discuss the border dispute near Attapeu that caused panic earlier this week.

Talks are being held at the Prime Minister’s Office, and a press conference is expected to be held to explain the outcome of discussions.

Prime Minister Thongloun Sisoulith has urged all news agencies to ensure they provide accurate representations of the border dispute, to ensure that the problem will be peaceably resolved.

Hun Sen Arrives in laos

The border dispute has been brewing for some months, with each side making demands of the other.  It came to a head yesterday afternoon as PM Hun Sen issued a warning to the Lao military to leave Cambodian territory. 

It is believed that the Lao military were investigating Cambodian road and bridge construction that may have encroached on Lao territory.

Official demarcation between the two nations has not yet been fully completed, and tiffs over border locations have been common in the past. 

While Hun Sen claimed to have sent a letter to the Lao Prime Minister on August 2, the Lao authorities said they had received no official warning or correspondence.

Nevertheless, both leaders are now peacefully settling the dispute in person.

Laos and Cambodia Together

Photos: Hun Sen Official Facebook Page

Cambodian PM Issues Warning to Laos over Border Violation; Troops at the Ready

Cambodia-issues-warning-to-Laos

Cambodian Prime Minister Hun Sen has accused Laos of military encroachment onto Cambodian soil. He said soldiers from Laos have entered Cambodia and must leave by August 17, or suffer the consequences.

 Mr Hun Sen has now mobilized troops to the border area.

 As many as thirty Lao troops crossed from Laos into Cambodia near Stung Treng Province in April, according to news reports, and have remained in the area for long periods of time.

 “I am unable to keep patience,” said PM Hun Sen. “It’s not right that we fight each other but if they don’t withdraw, then we must. We are not declaring war, we just ask to get our own land back.”

 “I appeal to Laos Prime Minister Thongloun Sisoulith to withdraw troops from Cambodian territory,” the Cambodian Prime Minister added.

Experts say that such squabbles are common along the 540km land border between Laos and Cambodia, and many areas have not been officially demarcated.

State media in Laos has remained silent in regard to the issue.

Underage Drinking a Growing Problem for Laos

Underage Drinking in Laos

Alcohol is cheap, available, and extremely accessible in Laos, where children can freely purchase it without the bat of an adult eyelid.

According to Phonchan Saengphouvan of the Vientiane Capital Information, Culture and Tourism Department, underage drinking is common at restaurants and bars across the country.

“A lack of strict rules and education campaigns are the main reasons students take to drinking alcohol,” said Phonchan in a report by the Vientiane Times.

He said it was not difficult to monitor such activity, with students drinking publicly while in school uniform.

A World Health Organisation report ranked Laos as top alcohol consumer of ASEAN, averagng 7 litres per person per year.

While a significant proportion of the Lao population enjoys a drink, young people are drinking to a point where it is affecting their studies.

Meanwhile, little is being done to curb the issue of underage drinking besides the shutdown of a few bars that had opened close to the National University of Laos and other schools and colleges.