The unprecedented string of defeats suffered by Myanmar’s military under dictator Min Aung Hlaing has astounded all but those who know him well.
He is an opportunistic businessman in military uniform, they say.
He is only interested in plots of land in upscale neighborhoods that are worth millions of US dollars – not outposts on the front line.
His decision to oust the civilian government in a coup in 2021 may have turned Myanmar into a hell on earth, but he and his family have not been shy about profiting from the flames.
Min Aung Hlaing and his two children have been busy accumulating assets while attention has been focused on the suffering of millions.
His son, Aung Pyae Sone, and daughter, Khin Thiri Thet Mon, are in a greedy league of their own, even compared to the offspring of previous dictators.
Nay Shwe Thwe Aung, the notoriously self-indulgent grandson of former dictator Than Shwe, flew to Singapore daily in a military helicopter to go to school, but only graduated to taking monthly payoffs from cronies.
Min Aung Hlaing’s son and daughter are not passive beneficiaries. They have established their own business empire since their rather rose to the rank of commander in chief.
The family business is run by Aung Pyae Sone. He was schooled in how to profit from his father’s position by an ambitious general who had been sidelined for his incompetence.
Snapshot
When Min Aung Hlaing was a newly appointed chief of Myanmar’s military, Aung Pyae Sone was toying around with photography.
He curated art and photo exhibits in Yangon. He owned the venue: Yangon Gallery in People’s Square. He also owned a fine-dining restaurant. That’s all he had when he met Quartermaster-General Major-General Min Naing.
Min Naing long craved the post of regional commander, but ended up at the military unit that oversees its property holdings because he had failed as a commander of a light infantry division.
Min Aung Hlaing’s son was his ticket to relevance. In exchange, he taught the would-be photographer how to do business military style.
Min Naing has since risen through the ranks to lieutenant-general. He is now a peace negotiator for the junta and held ceasefire talks with the Brotherhood Alliance in Kunming, China, in December.
He used peace talks to threaten non-stop bombing of alliance members.
Min Naing started taking Aung Pyae Sone to golf courses where he passed on business tips while he was still at the Quartermaster-General’s office.
He helped Aung Pyae Sone use his father’s position to grab projects being implemented by the military-controlled Myanmar Economic Corporation.
A business source close to the Quartermaster-General’s Office said that Min Naing funneled contracts to Aung Pyae Sone’s companies, “saying it is the company of the military chief’s son.”
Min Naing set up the partnership between the Quartermaster-General’s Office and Aung Pyae Sone that created Aung Myint Moh Min Insurance. The division of shares is not public, but active military personnel work for the company, and it is mandatory for soldiers to buy life insurance from Aung Myint Moh Min Insurance.
Later, Min Naing introduced Aung Pyae Sone to cronies and profited from their partnerships. In time, Aung Pyae Sone established his own network of business contacts without having to ask Min Naing for advice.
Aung Pyae Sone and Khin Thiri Thet Mon now use state-owned property, including military-owned aircraft, for personal use, according to Myanmar military sources.
“One day, I was told that the military chief’s family was coming and was ordered to provide security at the airport. But only his son and daughter were on board. I was quite shocked,” said one source.
The web
Soon after the coup, the US Treasury Department imposed sanctions on six businesses owned by Min Aung Hlaing’s son and daughter.
Four are owned by Aung Pyae Sone: A & M Mahar Co, Sky One Construction Co, The Yangon Restaurant and Yangon Gallery. The other two – Everfit Gym Co and Seventh Sense, a film production company – are owned by his sister, Khin Thiri Thet Mon.
The siblings, however, pull the strings behind a vast web of businesses covering almost every sector in Myanmar. These include:
- Stellar Seven Entertainment Co Ltd,
- Azura Beach Resort in Ayeyarwady Region,
- Mytel Telecom,
- Bone Myat Pyae Sone Trading Co Ltd,
- JOOX MYANMAR (a music streaming service),
- Pullman Hotel,
- Nyein Chan Pyae Soe Bus Terminal,
- Myanmar Sit Thu Gyi,
- Min Tayar Gyi,
- Winning Sky,
- True Golf, and
- Nyein Chan Pyae Sone Manufacturing & Trading Co Ltd.
A government official who was involved in a tender that one of Aung Pyae Sone’s companies bid in explained: “They have many subsidiaries because if the same company always wins contracts, it is very obvious that there is corruption.”
Owners of other businesses do not bother bidding on a tender, or give up, when they notice that a company owned by Aung Pyae Sone is involved because the tender evaluation committees automatically know which company to award the contract to, the official added.
Government officials do not even try to negotiate with companies owned by the dictator’s son. “They have to pay the prices they [Aung Pyae Sone’s companies] ask for,” the official explained.
Aung Pyae Sone’s companies earn fat profits from military-linked purchases and projects, ranging from procurement of weapons to supplying military uniforms.
Min Aung Hlaing’s right-hand man, Lt-Gen Nyo Saw, helps facilitate Aung Pyae Sone’s companies’ growth.
This is why Nyo Saw maintains his chairman’s post at the Myanmar Economic Corporation even after his retirement. He is the key protector of the interests of Min Aung Hlaing’s family.
General directions
One of Min Aung Hlaing’s residences is 14 Inya in Yangon. It used to be a military guesthouse. Then, Min Aung Hlaing checked in and made his own.
He also has a financial interest in 6 ½ Mile, close to Lotte International Hotel and Kan Thar Yar Hospital.
More recently, Aung Pyae Sone grabbed a stake on an island known as Little Inya. It is adjacent Yangon University’s Hline campus near Min Aung Hlaing’s 6 ½ Mile residence.
Min Aung Hlaing’s family is the biggest shareholder in a luxury condominium, Inno City, next to military-owned Parami Bus Terminal in Yangon’s South Okkalapa Township.
The map
Military-owned land is primarily managed by the Quartermaster-General’s Office.
When Min Aung Hlaing was serving as chief of general staff, he asked the office to let him see the map of all military-owned land.
The map is, however, exclusive to a handful of men: the army chief, quartermaster-general and deputy quartermaster-general.
Min Aung Hlaing’s request to see it was rejected by the Quartermaster-General’s Office, which cited security as the reason.
Now he owns the map.
