Burma

Myanmar Shadow Govt to Sell Shares in Junta Chief’s Residence for $100 Each

By The Irrawaddy 5 May 2022

Myanmar’s shadow National Unity Government (NUG) said on Thursday that it would sell shares in the Inya Lake residence of junta leader Min Aung Hlaing for US$100 each.

The residence, known as 14 Inya and located at No. 14 Inya Road in an affluent neighborhood in Yangon, used to be a military guesthouse, commonly referred to as the “military intelligence guesthouse”, where military leaders received foreign diplomats and ethnic armed organization leaders.

In his heyday as the military spy chief in the 1990s, ex-general Khin Nyunt would celebrate Thingyan, the water festival that marks Myanmar’s New Year, at the guesthouse together with military leaders and artists.

But since becoming military chief in 2011, Min Aung Hlaing has made the guesthouse his own mansion.

NUG Planning, Finance and Investment Minister U Tin Tun Naing said he would later announce the date on which the mansion will be officially put on sale, and a list of agents worldwide who can be contacted about purchasing shares. The ministry said in its announcement that those interested can buy shares from their closest international agent.

The residence sits in a compound measuring 1.86 acres (0.75 hectares) and is worth US$30 million at market rates. However, the NUG will sell 100,000 shares for only $10 million, or one-third of the market value, according to the announcement.

To gauge potential interest in the sale, the ministry surveyed 18,000 individuals over six days. Of the respondents, 97 percent said they would buy shares in the mansion, offering a total amount of $17 million.

Around the end of April, the NUG announced its plan to sell the junta chief’s residence to raise funds for the revolution against his regime.

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