January 27, 2021
54 buses seized from couple after missing credit payments

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Phnom Penh authorities on Monday confiscated 54 buses from Chenda Sovann Transport Company after it failed to pay installments to the creditor ReNet Japan (Cambodia).

The company bought the buses from ReNet Japan (Cambodia) on credit and violated the contract because it could not afford to pay some installments last year.

The 54 buses were seized from Chenda Sovann Transport Company’s head office in Phnom Penh’s Dangkor district, according to a Phnom Penh Municipal Court document.

According to the document dated December 17, 2020, issued by Judge Koy Sao and obtained by Khmer Times yesterday, the company owners, Choum Sovann and his wife, were sued by Preab Oudom, ReNet Japan (Cambodia) representative.

The document said that in 2018, Sovann, 41, and his wife Khim Chenda, 34, bought 54 buses on credit for $1,700,978.15 from ReNet Japan [Cambodia] to be paid back in installments.

It said that in 2020, Sovann and Chenda failed to pay seven months of installments as contracted.

It added that on December 2, 2020, Oudom filed a lawsuit against them to the Phnom Penh Municipal Court asking for a protective order to ensure the buses were not disposed of and for all 54 vehicles to be seized and returned.

The document said that on December 17, Judge Sao issued the protective order and ordered court officials and relevant authorities to seize the 54 buses and hand them back to ReNet Japan (Cambodia), which began on Monday.

Sovann said yesterday that the actions of ReNet Japan (Cambodia) were unjust and sad.

He said that in 2018, he paid a 20 percent deposit upon signing the contact, totalling more than $500,000.

He then continued to pay the installments and interest, he said, around another $500,000, so in total he paid around $1,000,000 to ReNet Japan (Cambodia).

Sovann said due to the global crisis caused by the COVID-19 pandemic and the suspension of tourism, his company was unable to operate and he had no income.

He said he had to pay nearly 200 employees so he could not afford to service the installments and interest on time for many months in 2020.

“The creditor and the court should refund me my deposit and some of the money I had paid to the creditor. It would be fair,” Sovann said, adding that he will appeal the verdict.

Oudom and his lawyers could not be reached for comment yesterday.
https://www.khmertimeskh.com/50807457/5 ... -payments/

He doesn't owe enough money - easy to dispose of assets will always be seized when payments stop. And it appears he stopped paying entirely in April if on December 2nd the creditor claimed no payment for 7 months.

They basically sold the couple the busses for 30K each in 2018. Three years of use later? Can they get 20K? There is a chance. That is why they will seize the busses.

The other part of the story that I have my doubts on is that the guy has been paying 200 employees to not drive/service/clean busses for the entire year, yet makes no attempt to work out a new payment schedule for his busses.

Nothing unfair about it. Sounds like the couple decided they could get away with simply not paying. Won't be the last of these type of actions in 2021.