It is crucial that land development projects carried out by the Yangon City Development Committee go ahead only after rigorous verifications regarding tax evasions and money laundering, said former MP Dr Nyo Nyo Thin.
She said current MPs lacks a full understanding of legal and regulatory processes that city development projects require.
“It must all be according to the law. Pay your taxes and show proof that your money is white. Those who own 30,000 acres of land earmarked for the development projects must verify that it was not bought through money laundering.
Only then will these mega-projects fall under the rule of law. If this does not happen, and the projects go ahead, it will set an example to others, and more cases will follow. The government must ensure that they themselves are not breaking the laws and discourage any attempts to do so,” said Dr Nyo Nyo Thin.
Yangon Region government plans to invest around US$64 billion in development projects in three Yangon townships.
Myanmar Metropolitan Public Co Ltd, the public company formed specifically for the mega-projects, was formed by the Yangon Region government, which holds a majority stake, and Myanmar Construction Development Public Co, the business branch of the Myanmar Construction Entrepreneurs Association.
Source: Eleven
