Mandalay merchants deny scandal

Merchants from Mandalay Region have rebutted a social-media rumour that six bean dealers have stolen millions of kyat.

Soe Win Myint, owner of the Soe Win Myint wholesale centre, said: “In Mandalay we don’t run away because of debts. Well, some did in the past, but the number was insignificantly low.”

Although he confirmed the bean market was shaken following India’s ban on imports, he denied the scandal rumour.

U Chun, also known as Nyunt Wai, chairman of the Association of Mandalay Region Beans, Peas and Sesame, said:

“About three merchants found themselves in financial trouble when the price of pigeon peas increased suddenly from Ks45,000 to Ks80,000 in around 2013. It was because they dealt in advance. Some vendors were reluctant to sell the products at a promised rate when the market price suddenly rose, resulting in conflict with buyers.”

Since the incident, the Mandalay wholesale centre introduced a system where the buyers paid a 10-per-cent deposit in every advance deal and told everyone to do business with contracts, he added.

The centre said it also kept a four-lawyer legal consultancy to settle issues in the region. ​
(US$1 = Ks1,360)

Source: Eleven Myanmar