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PS enterprise: depositors told to declare losses

Police officers have told depositors to declare their losses and file a case against PS Lao Enterprise, which has refused to return the money the company acquired from them illegally several years ago.

The Police General Staff Department of the Ministry of Public Security issued an announcement last Thursday advising those who had put money into the company to declare their losses and press charges by th end of November so the police can proceed with the next step.

The move comes as the company's executive board remains in police custody. They were detained by police on September 12 following a heated confrontation between an angry crowd of depositors and the company's executives.

Almost 2,000 people stormed the company's office in Xaythany district, Vientiane, demanding that the company return the money they had invested, but their requests were rejected.

In its announcement, the department called for those who had lost money to promptly bring evidence of their loss to police officers at the department in charge of economic affairs.

Police would compile all the evidence submitted, along with statements made by the victims, 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 local police.

Depositors who have lost money are required to submit a statement, declare their losses and file a case by November 30. The department said s ome depositors had already provided statements and declared their losses but many more had not done so. A police source said the executive team including the company's President MsSouknalyThepsimeuang remained in police custody but declined to give any further details.

Established in 2012, the private company known officially as PS-Agriculture and Industry Development Import and Export Co., Ltd., lured depositors by offering a high interest rate, but stopped paying any interest some time ago.

A fter they were taken into custody, the executive team no longer had any administrative control over the company. Representatives of the depositors took control of the company under the supervision of a taskforce committee.

A source of the committee said the government had not taken control of the company, but the committee would supervise the company's operations during this transition period until it could be run by a new executive board. This new management group is expected to be made up of depositors' representatives.

The number of depositors in PS Lao Enterprise dropped from about 50,000 to 30,000 after about 20,000 people were able to withdraw their money when news of the scandal broke, according to a report from PS Lao.

By Souksakhone Vaenkeo
(Latest Update September 25, 2017)

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