Asia Express should pay Ks 2.6 billion owed to Yangon: MP

Asia Express needs to pay a revenue of more than Ks 2.6 billion owed to Yangon City Development Committee (YCDC), said MP Dr. Nyo Nyo Thin, No.2 Bahan Constituency during Yangon regional parliament session held on April 24.

She made the comments while urging the Yangon Region government to cooperate with the parliament to implement the rule of law.

Pearl Condo was constructed under a mutual agreement between YCDC and Asia Express in 1999. In the agreement, Asia Express owned condo apartments in Buildings A, B, C and D and the YCDC had the ownership of Buildings E and F. The Asia Express did not only sell its apartments but also those 100 in Building E without the knowledge of the YCDC. The company earned more than Ks 3 billion from the unauthorised sale and it was obliged to pay more than Ks 2.6 billion to the YCDC, the MP said.

She filed the case with the Attorney General who in turn, told her that Yangon Region parliament would take action. The question is why the money has not been paid to the YCDC, Dr. Nyo Nyo Thin said.

“That amount of money can be spent to construct bridges at some underdeveloped areas such as Dala and Kyimyindine townships. It will make bad effect for government fund,” she said.

Asia Express constructed Diamond Condo in Pyay Road under the name of National Land Company. The residents living in Diamond Condo have to pay up to 700,000 Ks for electricity meter when current price for such meter is up to 70,000 Ks. Who is responsible for that?” she asked.

Source: ELEVEN Myanmar

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