A police investigation surrounding possible money laundering in the buying of shares in the Asia Green Development Bank was concluded on July 28 according to senior police sources.
The results of the probe into the acquisition of 15 per cent of AGD Bank shares by Aye Ne Win, a grandson of former military dictator Ne Win, have been reported to relevant authorities.
“Investigations of whether share transfer involves clean money have been completed in line with the Anti-Money Laundering Law. We asked both the share buyer and seller to present the source of cash spent in purchasing shares. Together with the figures we obtained after investigation, their data has been reported to relevant authorities. If their actions breach the law, we will bring them to court,” said a senior police officer on condition of anonymity.
AGD Bank has sold 90,000 shares under the approval of the Central Bank of Myanmar. Yin Htwe, Khin Win Maw and Thura Myint from Mikko group bought most of the shares while Aye Ne Win reportedly bought 15 per cent, who plans to buy another 60 per cent, and up to 85 per cent within six months.
Aye Ne Win said that his younger brother, Kyaw Ne Win, takes leading role in share acquisition.
An investigation team was formed by officials from customs, monetary investigation police and the Bureau of Special Investigation. The price of the shares could not be revealed.
“We currently have inspected the beginning of the business and will monitor throughout its operation. We will take close watch to know if the cash driving the bank is supporting criminals, black money or laundering,” continued the police officer.
Late dictator Ne Win’s son-in-law Aye Zaw Win and his grandsons [sons of Aye Zaw Win] Aye Ne Win, Kyaw Ne Win and Zwe Ne Win were sentenced to death for treason in 2002. Their sentences were reduced to prison terms.
After serving more than 10 years, they were released under general amnesty in 2012 and 2013.
Sandar Win, the daughter of Ne Win, was put under house arrest while her husband and her sons were in jail.
During their detention and the period after their release, earnings from their business did not shock the public.