Liquidating authority statement: depositors of Asia Yangon Bank asked to withdraw money

When Asia Yangon Bank (AYB) is placed under liquidation after the Central Bank of Myanmar revoked the licence of the bank, documents regarding the money withdrawal of depositors and the creditor settling the bank’s remaining liabilities are requested to submit by 7 November according to the court order.
Those depositors at AYB located at No 319/321 in the corner of Maha Bandoola Road and Bo Aung Kyaw Road in Botahtaung Township, Yangon Region have to send their evidence to withdraw their money to the bank headquarter or the email address [email protected] by 7 November during the period of liquidation.
Those who fail to report it within the set period no longer get access to the money withdrawal request, according to a statement.
The AYB had its licence revoked on 16 May 2020. The CBM forwarded this case to Yangon Region High Court to conduct the liquidation procedures, according to the provisions of section 120 of the Financial Institutions Law. The court made an order for the liquidation of the bank on 3 February 2022 and assigned a liquidating authority on 15 February.
That is why the creditors need to submit the evidence to ask for debt or requests by 7 November. If they fail to submit them within the set period, they will lose the rights to enjoy their share and to object share allocations.
The AYB was established on 17 March 1994. The CBM revoked the banking licence on 16 March 2020 due to the breach of the existing laws of Myanmar.
The CBM has a duty to govern the stability of the monetary system according to the provision of Section 40 (f) of the Central Bank Law and the bank has the power to issue, deny and revoke the licence of financial institutions and supervise and inspect their operations under the provision of Section 68 of the Central Bank Law.
The AYB has 10 branches in the Bayint Naung depot, Mayangon Township, Lewe Township on Yangon-Mandalay highway, Chanayethazan Township, 83 street between 34×35 street Chanayethazan Township, Mandalay, Ward 16 in Taungoo, Ayethaya Ward, Monywa city, Yanmyoaung Ward, Magway city, Pathein city, Pyay city and Minbu city. —TWA/GNLM