Who profits from a coup? The power and greed of Senior General Min Aung Hlaing
30 January 2021
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Senior General Min Aung Hlaing’s role in military business Senior General Min Aung Hlaing has ultimate authority over Myanmar’s two military conglomerates, Myanmar Economic Corporation (MEC) and Myanma Economic Holdings Limited (MEHL). …
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…Myanma Port Authority…was leased to crony conglomerate KT Group …. MEC controls a swath of riverside land…which it has leased to Asia World and Adani Ports and SEZ for the construction and operation of private ports.
In the mining sector…MEHL controls the largest number of jade and ruby licences…which it has leased to crony conglomerate KBZ’s mining subsidiaries….
Ever Flow River Group…is contributing 100% of the investment for the strategic project, MEHL holds a 51% stake, with Senior General Min Aung Hlaing personally profiting.
Wanbao Mining and Myanmar Yang Tse, subsidiaries of Chinese arms manufacturer NORINCO, operate infamous copper mines in Sagaing, which have caused environmental destruction and immense suffering for local communities.
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Aung Pyae Sone, Senior General Min Aung Hlaing’s son, operates ... medical supply business, A&M Mahar....
In 2019, Aung Pyae Sone came under public scrutiny for his ownership of Yangon Restaurant and Yangon Gallery in People’s Park, adjacent to Shwedagon Pagoda. He was awarded an artificially low land lease from the Yangon Regional government and serves alcohol in breach of a Yangon City Development Committee prohibition.
Aung Pyae Sone also owns Azura Beach Resort…the Myanmar Investment Commission…granted a permit to Sky One Construction to build a resort on 22.22 acres of land leased from the government, in a systemic conflict of interest. Sky One Construction is owned by Aung Pyae Sone.
In 2016, Winning Star, a company owned by Aung Pyae Sone’s business partner in Sky One Construction…to develop the Mrauk-U Hotel. …
Aung Pyae Sone’s wife, Myo Yadanar Htaik is... a director of Apower, a subsidiary of crony company Aung Myin Thu Group....
Min Aung Hlaing’s daughter, Khin Thiri Thet Mon, owns Seventh Sense, a media production business that makes big budget films and has exclusive contracts with Nay Toe and Wut Hmone Shwe Yi. Nay Toe features prominently in marketing for Mytel, the mobile operator that Senior General Min Aung Hlaing established with MEC, being awarded the government's share in the venture. Khin Thiri Thet Mon also owns Everfit, a chain of luxury gyms.
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...Senior General Min Aung Hlaing['s]...economic activities have been the subject of growing domestic and international criticism, causing reputational risk for the military’s international business partners like Kirin Holdings and Pan-Pacific.
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