Securities and Exchange Commission Chairman Steps Down

By Kyaw Hsu Mon 29 April 2016

RANGOON — In a surprise move, the chairman of the Securities and Exchange Commission submitted a letter of resignation on Thursday to step down from his current post.

Also Burma’s former deputy Finance minister, Maung Maung Thein has played an integral part in the Ministry of Finance for the past three years amid a series of initiatives aimed at modernizing the country’s economy.

Maung Maung Thein, who had also previously been the general manager of Myanmar Insurance, is known for having introduced private insurance businesses across Burma and for helping create the country’s first stock market. Some 10 private insurance companies now play a key role in the industry since their launch in 2013.

“I submitted the resignation letter myself to the Ministry of Finance on Thursday. It will take effect May 1,” Maung Maung Thein told The Irrawaddy. “I want to give other people a chance [to participate in the work of the commission]. That’s why I resigned.”

“I don’t know who will take over my role. That decision will be made by the National Finance and Planning minister,” he added.

Maung Maung Thein was referring to Kyaw Win, who garnered criticism for listing a doctorate from a fake university on his résumé, a fact brought to light after it was announced that he would take up the finance and planning portfolio.

“Whatever they say, I won’t be back,” Maung Maung Thein said.