The Military Commission announced on the evening of 5 February that the Chairman of the Yangon Region Gold Entrepreneurs Association (YGEA), U Myo Myint of Thein Than Diamond, Gold & Jewelry Shop along with YGEA Vice-Chairman (1) U Myo Thu Win of Academy Gold Shop and YGEA Secretary U Nay Myo Htet of Shwe Sin Academy Gold Shop, have been arrested and will face legal action.
According to the Military Commission’s statement, the three are accused of purchasing and stockpiling gold bars before reselling them at inflated prices with the intention of destabilizing the gold market. The Military Commission said these acts violate prohibitions issued by the Ministry of Natural Resources and Environmental Conservation.
“Despite being responsible for supervising and maintaining gold price stability, these officials themselves were found to have purchased, hoarded, and traded gold bars at unofficial market rates with the aim of destabilizing the gold market,” the statement said.
According to the statement, U Myo Myint, chairman of the Gold Association, allegedly bought eight pure gold bars each weighing 70 ticals at unofficial market rates in January and held them with the intention of reselling them for profit.
In addition, U Myo Thu Win is accused of purchasing 970 ticals of pure gold at unofficial market rates at his gold shops between December 2025 and January 2026, and later reselling 950 ticals at inflated prices.
Similarly, U Nay Myo Htet allegedly bought 319 ticals of pure gold at his gold shops during the same period and resold 268 ticals at higher prices for profit.
The Military Commission has warned other gold entrepreneurs to cooperate in maintaining stability in the domestic gold market and to strictly comply with all issued orders and directives. It added that effective legal action will be taken against any trader who fails to do so.
Comments
Post a Comment