#MYANMAR #BURMA #Shocking #Asia #Green #Development #Bank #revelations #require #prompt #investigation


The Messenger journal reported about what Kyaw Ne Win said about the shares he bought from AGD Bank (Right) & Building of AGD Bank (Left)
To investigate whether the share transfer of Asia Green Development Bank (AGD) involves clean money depends mainly on the government and the Parliament. People have urged both to inspect this case transparently in line with the Anti-Money Laundering Law.
Eyebrows were raised following an interview between Kyaw Ne Win – grandson of former dictator Ne Win – and The Messenger Journal in its July-20 edition. Kyaw Ne Win told the journal that he planned to invest US$4.9 billion in Myanmar businesses, and acquire 60 per cent of the AGD bank, which is owned by tycoon Tay Za. Kyaw Ne Win added that he would try to purchase up to 85 per cent of the bank’s share.
“Our business group, including me, have 60 per cent of the shares and are planning to buy up to 85 per cent,” he said.
The July 22 issue of 7Day Daily, however, contradicted this, quoting Wai Lin Oo, deputy managing director of AGD bank, as saying “only 15 per cent of AGD shares had been sold to [U] Kyaw Ne Win”.
Wai Lin Oo said this sale was in line with the amount that the Central Bank of Myanmar had permitted.
However, Kyaw Ne Win reiterated that he has bought a 60 per cent stake in the bank and that he planned to purchase up to 85 per cent of its shares.
In reply to questions from Eleven Media, an executive at AGD said it had more than 610,000 shares and 90,000 of them had been sold with the central bank’s permission.
These were sold to Yin Htwe, Khin Win Maw and Thura Myint of Mikko Group, with the remaining one-tenth (9,000) acquired by Kyaw Ne Win.
As Kyaw Ne Win said that he has purchased 60 per cent of the share, the value of this amount reached Ks 150 billion (about$150 million). Questions have been raised about where this money came from and how much tax – if any – has been paid on it.
From 2002 to 2012, the family of Kyaw Ne Win was not allowed to operate a business. After 2012, it has run a bus line, which has lost money. Kyaw Ne Win admitted the business lost money in his interview with The Messenger Journal. Continue reading “#MYANMAR #BURMA #Shocking #Asia #Green #Development #Bank #revelations #require #prompt #investigation”