Myanmar’s military authorities have detained three senior figures from the Yangon Region Gold Entrepreneurs Association (YGEA), accusing them of manipulating the domestic gold market.

The Military Commission announced late on 5 February that Chairman U Myo Myint, Vice-Chairman U Myo Thu Win, and Secretary U Nay Myo Htet were taken into custody and will face prosecution. All three are prominent gold traders with well-known businesses in Yangon.

According to the statement, the officials allegedly purchased and stockpiled large quantities of gold bars before reselling them at inflated prices. The Commission claims these actions were intended to destabilise the market and violated directives issued by the Ministry of Natural Resources and Environmental Conservation.

The accusations are detailed: U Myo Myint is said to have bought eight pure gold bars, each weighing 70 ticals, in January with the aim of reselling them for profit. U Myo Thu Win allegedly purchased 970 ticals of gold between December 2025 and January 2026, later reselling 950 ticals at higher rates. Meanwhile, U Nay Myo Htet is accused of buying 319 ticals and reselling 268 ticals at inflated prices.

The Commission stressed that, as association leaders, the men were responsible for maintaining price stability but instead engaged in speculative trading. It warned other entrepreneurs to comply strictly with official orders, promising “effective legal action” against anyone found undermining the market.

The arrests highlight the junta’s tightening grip on Myanmar’s economy, where gold has long been a safe haven for ordinary citizens amid political turmoil and currency instability. By targeting senior figures in the gold trade, the military appears intent on sending a clear message: market manipulation will not be tolerated.

Observers note that while the charges centre on economic misconduct, the move also underscores the regime’s broader strategy of asserting control over influential business networks. For traders and investors, the crackdown raises fresh uncertainty about the future of Myanmar’s gold market.

-2026-02-10