A member of
the presidential advisory group has been allowed to run port services in
Theinbyu port area in Yangon, including the construction of a jetty,
sources from the Directorate of Investment and Companies Administration
claim.
The Myanmar Investment Commission (MIC)
leased out part of the port area to KMA Shipping Co Ltd owned by Khin
Maung Aye, a member of the National Interest and Social Advisory Board
under President Thein Sein.
Khin Maung Aye is the president of KMA
Group of Companies as well as chairman of Cooperatives Bank, one of the
private banks in Myanmar.
MIC is also under the chairmanship of Soe Thein, who is one of the six ministers at the President’s Office.
Under the proposed Myanmar Citizens
Investment Law, the lessee will be granted tax exemption for importing
machinery worth 14.7 billion kyats (US$17 million).
The company invested 58.6 billion kyats
($68 million) to build a jetty and operate port services on 22.62 acres
of leased land under a build-operate-transfer system.
KMA Group of Companies has a wide array
of business interests including in hotel and tourism, shipping, housing,
machinery, construction, timber, agriculture, import and export,
information technology, car dealership and art.
source: Eleven Myanmar
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