Beans and Pulse Association Weighs on Trader Dispute

Based on request from a local company, Myanmar Pulses, Beans and Sesame Seeds Merchants Association will solve the financial issue between merchants and the company.

The pulse trading firm, Thein Than Company, asked help from the association a month ago to judge the financial issue.

“We are checking the financial statement of both sides and we are listening to every argument from both sides, and judging the issue,” U Tun Lwin, chairperson of the Association, told Myanmar Business Today.

The association asked for all the financial statement from both sides to be submitted, and review of those are expected to be released soon.

“Last two to three years, the company has been losing money so the company asked for help from the Association,” U Min Ko Oo, secretary of the Association, said.

This is the first dispute the Association is dealing with this year. There was a similar dispute involving Moe Thet Company in 2014.

Following the Moe Thet dispute, the Association stipulated that 10 percent of the total trading amount from both the seller and the buyer has to be saved at Myanmar Citizens Banks as a security deposit. By the demand of traders, the deposit amount was changed to five percent in early 2016.

During August, pulses and beans prices were down because Indian merchants stopped buying pulses from Myanmar.

 

Source: Myanmar Business Today

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