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KBZ takes Yangon port operator to court over massive debts

KBZ Bank is suing the owner of Myanmar Industrial Port over alleged unpaid debts of more than US$200 million, in a case that is symptomatic of the problems facing the country’s leading banks as they seek to resolve legacy non-performing loans. By THOMAS KEAN and KYAW LIN HTOON | FRONTIER The country’s largest private bank, […]

Gold mining companies still owe govt

Small gold mining companies still owe more than 1200 ticals (19.6 kilogrammes) of gold to the government, Mandalay Region Auditor General Daw Khin Aye Swe told the Mandalay Region Hluttaw. Under a production-sharing agreement between the No.2 Mining Enterprise and gold mining companies, small gold mining companies owed the government 1290.77 ticals from 2007-08, but […]

Singapore Myanmar Investco in share sale agreement to dispose unit for US$10.8m

MAINBOARD-listed Singapore Myanmar Investco (SMI) on Monday announced that its subsidiary, Myanmar Infrastructure Group (MIG), has entered into a US$10.8 million share sale agreement with Tiger Infrastructure for the proposed disposal of its 99.9 per cent-owned indirect subsidiary, TPR Myanmar. TPR, which was incorporated in Myanmar in 2014, is a subsidiary of MIG, and the […]