Burma’s Financial Intelligence Unit Probed Ne Win Family’s Investment

[DagonKhan]

Burma’s Financial Intelligence Unit Probed Ne Win Family’s Investment

By THE IRRAWADDY| Monday, August 25, 2014

Bank staff in Rangoon count piles of Burmese kyat. (Photo: JPaing / The Irrawaddy)

RANGOON — Burma’s Financial Intelligence Unit (FIU) has investigated an investment in one of the country’s biggest banks by the grandson of the late dictator Gen. Ne Win, according to a senior official, who declined to disclose the results of the probe.

Last month a 1.5 percent stake in Asia Green Development (AGD) Bank was transferred to Kyaw Ne Win in a purchase thought to be worth more than US$555,000. The bank’s founder, Tay Za, has said he is looking to offload more of the bank, likely to the Ne Win family, due to difficulties resulting from his blacklisting by the US Treasury.

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