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U Ye Min Oo, ex-chairman of Nay Pyi Taw Development Bank, ex-vice-chairman of Nay Pyi Taw Developmenat Committee charged under Anti-Corruption Law

NATIONAL NEWS

The inspection team of the Anti-Corruption Commission has inspected the corruption case against ex-deputy mayor U Ye Min Oo, ex-chair of the Nay Pyi Taw Development Bank and ex-vice-chair of the Nay Pyi Taw Development Committee regarding his activities and construction of media centre at Nay Pyi Taw Myoma Market.
According to the inspection, the ex-chairman of Nay Pyi Taw Development Bank U Ye Min Oo did not follow the terms and conditions of tender mentioned in notification no 1/2017 of the President’s Office in conducting Digital Marketing Services Facebook advertising service to change the name of Nay Pyi Taw Development Bank and for public services, he also broke the finance management regulations as he permitted more than K28million for advertising service to his one partner company which was paid more than other companies and did not exist in the real situation on 3-8-2020.
He also granted a K170-million loan to his two partners just with the documents like expired land grants and the ones that need to be changed name by violating the loan policy and procedures of the bank on 16-3-2020.

Moreover, he made his one partner’s house and land as collateral in taking a loan from the bank. He neglected the suggestion of the loan risk management committee to grant only K4,250 million and he permitted K4,500 million on 28-9-2020, including an additional loan of K450 million.
He also granted more than 81 million than the approved amount of K4,719 by the committee — K4,800 million to a company, that changed the name in taking a loan with the houses and land as collateral on 28-9-2020. His doing was not in conformity with the loan policy of the bank.
He did not invite tender for the construction of the Information Centre at Nay Pyi Taw Myoma Market in accordance with the directive no 1/2017 of the President’s Office and made an agreement with a construction company at more than K169 million on 6-1-2021. He then approved when the company took more than a K59 million loan from the bank describing it as a tender project. His doings resulted in financial and property losses for the country.
Therefore, a case was opened against him under Section 55 of Anti-Corruption Law at No (1) and No (5) Myoma police stations of Nay Pyi Taw Council yesterday, according to the ACC.—MNA

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