Businesses likely collapse as the military council targets and arrests businessmen

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Yangon, April 29

 Many businessmen are worried that the coup council has targeted and arrested them.

The regime arrested 7 businessmen including Zaybakar U Khin Shwe and his son Zay Thiha, and Chairman of Eden Group U Chit Khaing and his son Win Min Khaing in March and April, and charged them with corruption.

Eden U Chit Khaing was accused with harming the state in the Tigyit coal-fired power project contract under Section 55/63 of the Penal Code.

U Khin Shwe (Zaykabar) and his son Zay Thiha, were arrested by the military council for the demolition of heritage structures.

As the military council takes action against previous cases, businessmen are concerned that their businesses would collapse.

“We are worried that the business will collapse as a result. Frankly, every entrepreneur makes mistakes. We could be jailed at any time because two seniors have been arrested. Business can be lost. All economies across the country might approach zero as sanctions targeting enterprises would lead to the closure of most businesses and an increase in unemployment, one businessman predicted.

He also stated that the military council’s actions were aimed at intimidating and coercing business leaders to join them.

 An economic researcher has criticized the military council for arresting the businessmen as a preparation for expanding the military presence in the economy.

News – Than Lwin Times

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