Myanmar Civilian Government to Sell Off More Junta Property
By The Irrawaddy 19 May 2022
Myanmar’s civilian National Unity Government’s (NUG) minister of planning, finance and investment U Tin Tun Naing said on Wednesday that more land and property confiscated by the regime will be sold off to the public, as interest grows in the junta leader’s Yangon mansion.
On May 5, the ministry launched a funding scheme for the revolution by selling US$100 shares in Min Aung Hlaing’s mansion at 14 Inya Road, which is an affluent Yangon neighborhood.
Shareholders will receive a proportion of the proceeds when the properties are sold at auction if the NUG takes power.
So far around $5 million in shares – or half of the ministry’s target – have been sold in Min Aung Hlaing’s house.
Sixty confiscated Yangon plots to be sold
U Tin Tun Naing told The Irrawaddy at an online press conference that the ministry had identified 60 Yangon plots confiscated by regime leaders and the military-controlled defense and home affairs ministries for their benefit.
The minister said those plots were being reviewed to be reclaimed and will be included in the ministry’s sales.
They include four houses illegally acquired by Min Aung Hlaing and his family, one of which is 14 Inya Road that is on sale.
Regime members and cronies face seizures
He said the assets of civilian members of the regime’s governing body, like U Thein Nyunt and U Khin Maung Swe, and pro-regime cronies would be confiscated under the Counter-Terrorism Law.
“We have declared the regime to be a terrorist organization. We can reclaim the properties of its affiliates under the Counter-Terrorism Law,” the minister said.
He said the seizures would depend on the support given to the regime.
NUG to tax big business
U Tin Tun Naing said the ministry will send official letters to major businesses demanding taxes as no firms had voluntarily paid tax to the civilian government.
So far the NUG has only been receiving taxes from office staff and independent traders, the minister said.
$2.2 billion needed
The ministry has so far raised $42 million, including from the latest campaign to sell off junta-seized property.
As the junta’s atrocities against civilians intensify, the NUG has raised its required budget to $2.2 billion from $700 million to provide protection, humanitarian assistance to the displaced, education and health care.
However, the minister said he was hopeful about meeting the budgetary requirements in the coming months.
U Tin Tun Naing said the ministry was finding new ways to generate funds and international aid was increasing, including promises of greater US support.
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