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National Social Security Fund Appoints ACLEDA Bank Plc as Fund Custodian

October 23, 2008

Front row (from left to right): Representative witness of NSSF Mr. CHHUN Huot, Director of NSSF Mr. OUK Samvithyea, President & CEO of ACLEDA Bank Mr. IN Channy, Representative witness of ACLEDA Bank Mrs. SO Phonnary

Phnom Penh, October 23, 2008: ACLEDA Bank Plc., announced today that it has signed an agreement with the National Social Security Fund (NSSF) to act as custodian for the fund's occupational risk program.

The NSSF was established by a Sub-decree N° 16 Ar Nor Kr/Br Kor on March 02, 2007 of the Royal Government of the Kingdom of Cambodia and implemented by Prakases issued by the Ministry of Labour and Vocational Training this year defining the Benefits for Occupational Risks and Determination of Contribution Rate and Procedure of Contribution Payment for Occupational Risks. This obligated employers and proprietors of the enterprises or institutions which are under the Law on Social Security Schemes to pay a contribution for occupational risks to NSSF. Employees do not have to pay any contribution. Occupational risks include accidents at the workplace and accidents to employees during the direct commute from home to workplace or vice-versa as well as diseases arising from the nature of their occupation.

Delegates to the signing agreement

Mr. OUK Samvithyea, Head of NSSF, said "the employers' contributions to the National Social Security Fund will be deposited with ACLEDA Bank Plc who have been appointed custodian to hold the funds in trust for settlement and payment to the victims or their representatives according to the criteria set out in the enabling Prakases. ACLEDA Bank is the logical partner for us not only because it has the only true national branch network but its superior risk management systems, international credit ratings and bankers' blanket bond policies demonstrate its commitment to protecting its clients' assets."

Mr. IN Channy, President & CEO of ACLEDA Bank Plc., hailed this as a major step forward in governance reform by the Royal Government. "The launch of the NSSF will provide a safety net for the less fortunate members of society who fall victim to workplace accidents while the use of the banking system to administer public sector programs such as this is welcome as it will ensure transparency and accountability. Above all it will guarantee reliable and efficient settlement of claims to the beneficiaries and build public confidence in the government's social welfare agenda."

For more information contact:

Mrs. SO Phonnary, Executive Vice President & Chief Operations Officer
E-mail:

Mr. PROM Visoth, Senior Vice President & Head of Legal & Affairs Division and Company Secretary
E-mail: