Three leading figures in Yangon’s gold industry have been sentenced to three years in prison with hard labour, as Myanmar’s military authorities tighten their grip on the domestic market. The ruling, delivered on Wednesday morning at Pabedan Township Court, saw U Myo Myint, chairman of the Yangon Region Gold Entrepreneurs Association, alongside U Myo Thu Win and U Nay Myo Htet, convicted under the Essential Supplies and Services Law. Each was fined 500,000 kyats, while assets linked to their trading activities were confiscated. The junta accuses the men of destabilising the market by purchasing large quantities of gold at external rates and reselling at higher prices. Officials claim this practice undermined the government’s reference price system, which is set below global market levels. The charges stem from transactions made between December 2025 and January 2026, including U Myo Myint’s purchase of 70 ticals of gold. Gold traders, however, argue that the authorities are punishing them for responding to international fluctuations. They insist that domestic prices naturally follow global trends, and that forcing sales at the junta’s fixed rate is unrealistic. “The market doesn’t move at the government’s pace,” one trader told local media, highlighting the widening gap between official figures and real-world transactions. The case underscores the military’s broader efforts to control essential commodities, from fuel to food, as Myanmar’s economy struggles under sanctions and instability. Analysts say the crackdown on gold traders is part of a wider campaign to project authority and curb speculation, though critics warn it risks driving trade underground. For families and businesses reliant on gold as a hedge against inflation, the verdict adds fresh uncertainty. With three of the industry’s most prominent players now behind bars, questions remain over how the junta will balance its desire for control with the realities of a volatile global market. -2026-03-22
Create an account or sign in to comment