AGD, one of the largest privately-owned banks in Burma, has been founded and solely owned by Burma’s richest man Tay Za and just last Monday he reportedly has agreed to sell sixty percent to the private holding company controlled by three grandsons of late dictator Ne Win.
Three brothers Kyaw Ne Win, Aye Ne Win, and Zwe Ne Win were released from their imprisonment only in 2012 after they were arrested and sentenced to death in 2002 for treason. Their grandfather who had fallen foul with the military junta that replaced him had died under house arrest in 2002. His body was unceremoniously burned and ashes thrown away somewhere no one knows.
Now they are showing their hands by suddenly pouring in more than four billion US$ which they claimed is a friendly interest-free loan from state-owned Chinese investment firm CCOEC (China National Corporation for Overseas Economic Cooperation) into Burma.
Aye Ne Win’s Interview with Democracy Today Journal
Democracy Today: Out of countless other business opportunities why do you three brothers choose banking?
Why do you decide to buy shares in U Tay Za’s AGD Bank? And how good is the relationship between U Tay Za and your own family?
DT: Can you explain us the confusing fact that AGD Bank is still refusing to confirm your statement that you brothers have already bought sixty percent of all AGD shares?
Have you any explanation on widespread public doubt about the cleanliness of your money or where it all suddenly comes from?
DT: What are the future plans for AGD bank once you brothers have completely taken over?
Kyaw Ne Win Confirming their Takeover of AGD
|Kyaw Ne Win, Zwe Ne Win, & Aye Ne Win.|
“My group including I myself personally now has sixty percent of AGD and our plan is to raise our holding from that sixty percent to eighty percent later,” said proudly Kyaw Ne Win to the Messenger journalist interviewing him. According to insiders the money spent for the purchase was 250 billion kyats (about quarter a billion US$).
AGD Denying Ne Win’s Grandsons’ Takeover
Also on July-22 the 7-Day newspaper referring to the official statement made by Wai Lin Oo the Deputy-Executive-Director of AGD Bank stated that only fifteen percent of AGD shares was sold to outsiders including Ne Win’s three grandsons and not a share more.
“The Central Bank’s specific permission was to sell only fifteen percent and that was the amount of shares we sold to outsiders including Kyaw Ne Win,” said Wai Lin Oo. “AGD Bank has more than 600,000 shares outstanding and only 90,000 shares (15% of all shares) were sold as permitted by the Central Bank (Union Bank of Myanmar),” added Wai Lin Oo the AGD’s Deputy-Executive-Director.
He also clarified that out of those 90,000 AGD shares sold only 9,000 shares went to Ne Win’s grandsons while 81,000 shares were sold to the MIKKO Group owned by Yin Htwe, Khin Win Maw, and Thuya Myint.
In that interview with Messenger Journal Kyaw Ne Win the eldest of Ne Win’s three grandsons also stated the bewildering fact that most of their money 4.9 billion US$ was provided by China’s State-owned CCOEC (China National Corporation for Overseas Economic Cooperation).
According to Kyaw Ne Win the CCOEC was a company very friendly to his grandfather while he was ruling Burma with an iron-fist and CCOEC apparently owed awful lot to Ne Win. So now they are coming back to help their dear old friend’s dear grandsons.
Kyaw Ne Win also added that CCOEC has given that 4.9 Billion US$ to them to spend in Burma at undisclosed terms and conditions till September 2015 and CCOEC is also willing to give them more money if necessary.
He used to openly own (and his family still secretly does) many gemstone shops in Germany and Switzerland and frequently shipped away every year more than half of Burma’s annual production of precious stones like priceless rubies, sapphires, emeralds, and jade to his own shops in Europe for more than twenty years.
There were many self-confessed written stories of Burmese ambassadors to European nations personally carrying their diplomatic bags containing undeclared rubies and sapphires and emeralds and jades worth several million dollars on airline planes to Europe and personally delivering them to Ne Win’s secret European agents and gemstone dealers and brokers.
The mountains of cash from selling those precious stones in the West were then deposited into his secret Swiss bank accounts and accumulated there since. The late dictator also used to own various high-valued properties in Europe’s capital cities like Berlin, Geneva, and Paris. And his family still does.
And everybody in Burma now strongly believes that Ne Win’s grandsons are bringing those illicitly-obtained blood money back into Burma through confidential intermediaries like CCOEC’s Chinese and spending it freely in buying respectable banks like AGD and other cash-producing businesses like electricity generators and distributors. They are just simply laundering their family’s black money into respectable white money, period.
At about 4:30 in the late afternoon of July-25 a senior police officer from Burma Police HQ’s Anti-Money-Laundering Division did announce that they had already been investigating a possible money-laundering case around the highly publicized friendly takeover of AGD Bank.
“Concerning the well-publicised AGD case we have nearly completed police investigation as per our Anti-Money-Laundering Law. Our officers had also extensively interrogated U Ne Win’s family members and if we find illegalities concerning the purchase and the cash behind it we will take stern action as per the law. It all depends upon what the parties involved (Ne Win’s family) can provide to us as the clear proof of their legally-earned or accumulated wealth, nothing else,” commented the unknown senior police officer from Burma Police HQ in Nay Pyi Daw.
Despite Myanmar Police’s assurances people of Burma will simply assume the eventuality of Ne Win’s family getting away scotch free from laundering obviously their grandfather’s blood billions like previous well-known cases of laundered-drug-billions of Opium-King Law Sit Han (Late father of another Burma's billionaire Asia-World's Steven law) and Drug-Warlord Khun Sar now circulating freely in booming economy of Burma now known as Myanmar.
|Late dictator Ne Win and his grandsons (1981, 1989, 2001).|
Irrawaddy Waters and Ne Win's Gold Trees