Japanese executive among dozens arrested in Myanmar for allegedly selling rice above set prices
Associated PressBANGKOK — Myanmar’s military government has arrested a Japanese business executive, along with dozens of local businessmen, for allegedly selling rice at prices well above the officially regulated ones, state-run media said Monday. The state-run Myanma Alinn newspaper reported Monday that the arrests for allegedly selling rice for prices ranging from 31% to 70% over official prices set by the Myanmar Rice Federation involved 62 suspects, 102 warehouses, 53 supermarkets and superstores, 25 mills and seven other shops in major cities. Meanwhile, the value of Myanmar’s currency, the kyat, has sunk and many businesses are struggling with the gap between the official currency exchange rate set by the central bank of 2,100 kyat to the dollar and the more widely used free market rate of about 4,500 to the dollar. It takes a softer line toward Myanmar’s current military government than many Western nations, which treat it as a pariah state for its poor human rights record and undermining of democracy and have imposed economic and political sanctions.
History of this topic
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