fbpx

Company of Former Myanmar Dictator’s Grandson Among 4 Sued for Unpaid Loans


YANGON—AYA Bank, one of the largest private banks in Myanmar, has sued four companies— including one owned by a grandson of late military dictator Gen. Ne Win—for unpaid loans, according to the Yangon Region High Court.

The bank has sued Omni Focus Co, owned by U Ne Win’s grandson U Kyaw Ne Win, along with Central Yangon Network Co, Keen Sport Co and guarantor Khaing Mye Kyaing Co over their failure to repay loans for the purchase of 500 units of CGN buses.

Omni Focus Co is one of several companies operating the Yangon Bus Service (YBS).

“Yes, we have sued. I don’t want to reveal exact loan figures for the time being. We have submitted all the related documents to the court,” said lawyer U Ne La, who’s representing AYA Bank.

U Kyaw Ne Win, owner of Omni Focus, said he was not notified of the lawsuit.

“I have to accept the court ruling whether we like it or not,” he said.

The bank filed the lawsuit with the Yangon Region High Court on Aug. 16 seeking to have the remaining loans paid back, along with interests and trial expenses.

Omni Focus Co, together with its three co-defendants, received the loans in March 2017, two months after the new Yangon government launched YBS as part of a plan to replace the city’s old buses.

The companies only paid on the loans until September of that year. When they didn’t respond to later payment notifications, the bank sued.

“We waited until July, but they didn’t pay, so, we have filed a lawsuit,” said U Nay La.

Source: Irrawaddy

To see the original article click link here

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, “Puma Energy”, “MOGE”, “yangon new town”,”MECTEL”, “hydropower”, etc.

.

Looking for foreign investors to invest in your business in Myanmar