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Contractors urged to settle outstanding debts to the Yangon government

The Yangon Region Government sold over 53 acres of land in Dagon Seikkan, Yangon to four companies to build precast factories for the construction of the Ayeyarwon-Yadana housing project at K225 million per acre in 2015-2016 . Although two firms have already paid, another two firms still owe over K2 billion, Daw Nilar Kyaw, minister for electricity, industry and transport, said at the Yangon Region Hluttaw.

The Yangon Region Government approved the sale of 11.9 acres of land at K2.7 billion to Original Group Co Ltd; 12 acres at K 2.7 billion to Shwe Taung Development Co Ltd; 8.5 acres at K1.9 billion Dagon International Co Ltd and 20.7 acres at K 4.7 billion to Naing Group Co Ltd. Half the revenues received would be transferred to the Ministry of Construction, Daw Nilar Kyaw said.

Of the four companies, Original Group and Shwe Taung Development have paid in full. So, the Department of Urban and Housing Development under Ministry of Construction issued grants to them with the agreement of Yangon Region government, said Daw Nilar Kyaw.

However, the grants to Dagon International and Naing Group have been suspended until the companies settle their outstanding debt.

Daw Kyi Pyar, MP from No. 1 Constituency, Kyauktada township, said the companies had been instructed to settle their outstanding debts after an audit report for 2016-17 was published but no action has been taken yet. “We would like to know what the damages are to the state,” she said.

“The Department of Urban and Housing Development will urge the companies to pay their debts on behalf of the regional government, said Daw Nilar Kyaw.

SOURCE: MYANMAR TIMES

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