Wednesday, 5 March 2014

Agency needed to value state-owned assets

A leading economic adviser to President Thein Sein has suggested the creation of a privatisation agency to value state-owned assets.

Dr Oo Myint was speaking at the Myanmar Banks Association where he said that an agency was needed to ensure transparency so that the government does not loose revenue selling state-owned property.

“No one knows how many properties the country owns. The government does not seem to reveal what they own. Transparency is a major factor. The privatisation agency must not include governmental officials and staff, but independent experts, lawyers, accountants, auditers, economists, company experts and appraisers,” Dr Oo Myint said.

State-owned property is often sold to private businessmen with close connections to government or former junta for way under the market price. Such deals are numerous and often do not get accounted.

From the previous government to date, the government earned over Ks 1.2 trillion from selling 2,200 of state-owned property. The government is supposed to get Ks 460 billion in tax revenues.

A report of Upper House’s Public Accounts Joint Committee showed that over Ks 23 billion from the sales of 13 plots of land and buildings in 2011 had not yet been paid to the government.

source: Eleven Myanmar
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