Director-General U Zaw Htay from the Ministry of State Counsellor Office held a press conference yesterday on the investigation into U Kyaw Myint, Chairman of Central Executive Committee of the United Democratic Party or ‘Rose Party’ in relations to the party leader’s bank accounts and property ownership.
The press briefing at the Presidential Palace in Nay Pyi Taw focused on the findings in party leader’s businesses, financial transition and income sources.
U Kyaw Myint’s Myanmar Kyaw Investment Group Co., Ltd is working rental services and import/export sector. As its trading licence has expired, no permit for import/export has been allowed under this licence. The company neither applied for investment permit at the Myanmar Investment Commission nor did any businesses related to the registered licence.
His other company is the Myanmar Kyaw High Tech Co., Ltd. Its major business categories are office operation, management and providing assistance to other business firms. Although the company has acquired the import/export licence, it has expired. The company neither applied for investment permit at the Myanmar Investment Commission nor did any businesses related to the registered licence.
His other company is the Myanmar Kyaw Finance Co., Ltd. It was registered for financial service and insurance support. The Central Bank of Myanmar did not grant a permit for non-banking financial institutions. Similarly, the Microfinance Businesses Supervisory Committee has not issued a licence to it. Although the company is still registered, its other businesses are being operated illegally.
Regarding bank accounts of U Kyaw Myint, 7 accounts under his name, 2 accounts under the Myanmar Kyaw High Tech Co., Ltd, 2 accounts under the Myanmar Kyaw Finance Co., Ltd, 10 accounts under Myanmar Kyaw Investment Group Co., Ltd, 2 accounts under UDP Educational Foundation, 2 joint accounts under the United Democratic Party’s Fund, Daw Htay Htay Win and Daw Myo Hay Man and other 34 accounts under the name of related persons. These 59 bank accounts were opened at the 5 private banks.
The Myanmar Kyaw Investment Group Co., Ltd received K16.315 billion in 2015 from money transfer services illegally via Muse border. The details of this amount were K 54.91 million to the company’s account at the United Amara Bank on 1-9-2015, K14,389 million in 44 transfers to one account at the United Amara Bank and two accounts at the Ayeyawady Bank between 3-8-2015 and 7-9-2015, K200 million in two transfers to one account of the United Amara Bank between 31-8-2015 and 3-9-2015, K1,271.26 million to the two accounts at the Ayeyawady Bank on 5-8-2015, 6-8-2015 and 27-8-2015 and K400 million to the two accounts of Ayeyawady Bank on 3-8-2015 and 27-8-2015 respectively.
The cash transfers were made by Chinese citizens in Ruili and Kyal Gaung, who are doing illegal money transfer services.
The interest received from the six accounts of the Ayeyawady Bank and the United Amara Bank from 2015 to September 2020 was K14.814 billion.
The Myanmar Kyaw Investment Group Co., Ltd gave K4,151.13 million to 19 persons, including his company staff, party members and other persons, from October 2016 to September 2020. The company staff have to borrow the loans at the zero-interest rate and other persons from 1 to 2 per cent rate. The total amount of interest from these loans were K510.14 million. The company did not have any licence for these loan services.
The Myanmar Kyaw Investment Group Co., Ltd also put the capitals into other businesses by holding ownership documents for loan evidence and collected a specific amount of profit from these businesses. The company has given K1.5 billion capital to 11 persons between August 2015 and September 2020 and has received the profit of K186.2 million. The company has also received over K15.51 billion from the interest rate, loans and investments.
U Kyaw Myint also bought the land and building of International City Hotel at No. 98, Corner of Baho Road and 7th Malarmyaing Road in Hline Township in Yangon at K1,175 million 164.31, acres of farmland in Hmawbi Township at K8,800 million, 5 acres of farmland at K180 million in 2016, land plot number 193/31 and the building on it at K1,000 million in Pan Hlaing Golf Resort in Hlinethaya Township (east) in Yangon, 6.9 acres of land in Zegone village-tract of Pubbathiri Township in Nay Pyi Taw Union Territory at K100 million, and this land is used for headquarters of his party.
He owns 35 cars, and all are registered. The Myanmar Kyaw Investment Group Co., Ltd donated K533.79 million to the UDP from October 2017 to March 2020 and K918.63 million from the company’s account for the part from 2016 to September 2020.
The party also provided financial supports K12.439 billion to the UDP party members and its candidates from October 2018 to September 2020. The company spent K13.89 billion for the UDP.
According to his statements, U Kyaw Myint set up the Maple Leaf Restoration Inc Co., Ltd while he was residing in Canada and sold high-priced seeds and nursery plants across the country. He could save Canadian dollar 33 million in the bank accounts of CBC Bank, RDC Bank and TD Bank. After withdrawing all the cash, he took 18 million and shared the remaining 15 million to his family.
He then moved to China and stayed in Kunming city where he exported construction materials, household commodities and tricycles to Myanmar. He also made K30 billion investments at Myanmar merchants. He entered Myanmar via Muse border town in 2014 and then established Myanmar Kyaw Company.
However, he could not show concrete evidence on imports and exports between Myanmar and China. He also had no documents for the trading from 2014 to September 2020.
The investigations did not find any evidence of his trading between China and Myanmar, and K16.315 billion was also received illegally.
He would be charged under the Anti-Money Laundering Law and the Financial Institution Law for both prison terms and cash fines. The expenditures from the illegal transfer of money for party affairs will be reported to the Union Election Commission to check with the Political Parties Registration Law.
Media personnel also raised on the questions of illegal funds for UDP, delay of investigations into businesses of Myanmar Kyaw Co., Ltd since 2016, further inspections to the related persons with the business of U Kyaw Myint, entering from a foreign country into Myanmar, his national scrutiny card, his political activities, his nationality, approvals from the three ministries to perform as the party chairman, possible connection with the Union-level officials in the previous government and arrests of related persons with him.
Director-General U Zaw Htay explained the investigations in coordination with the Ministry of Home Affairs, the Union Election Commission, various levels of Central Farmland Management Committee.
He also remarked on the weakness in the rule of law, while freedom of expression and criticism has increased as the democratic transform period in Myanmar has been some years and the role of social media and citizen journalists in sharing information in this case.
He added that U Kyaw Myint would poss more amount than the K23 billion found in the initial investigations. Officials are conducting further inspections. The amount of transfer money was K16 billion.
In his statement, U Kyaw Myint said that he fled from Mandalay Public Hospital in January 1999, stayed one month in Thailand, 3 months in Oslo city of Norway and then arrived in New Jersey city in the United States under political asylum. He then moved to Vancouver of Canada from 2012 to 2014. During this period, he arrived in Kunming city of China before entering Myanmar illegally in 2013.
The Director-General also said that national scrutiny card of U Kyaw Myint is real and that he received a real border pass. Registration for political party prohibits a prisoner. His national identity card mentions Kachin ethnic, Kokant, Christian religion and permanent address Lashio.
The Director-General talked about illegal money transfer agents and further investigations into carrying 18 million Canadian dollars through the airport.
The case is being investigated by some other teams and inspections will also be made on his possible relations with Union-level officials.
The Ministry of Home Affairs has informed about the findings to the UEC for actions in line with the relevant laws.
Myo Thwin Kyaw
(Translated by Aung Khin)
Photo: MNA
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