A Thai court on January 30 acquitted a Myanmar tycoon who was arrested in Bangkok more than a year ago, Reuters reported.

U Tun Min Latt with close ties to the State Administration Council was arrested in Thailand on charges including drug trafficking, money laundering and transnational crime.

The Thailand criminal court cleared U Tun Min Latt, 54, and three others of 32 suspected violations, including drug trafficking and related charges, with the presiding judge telling a packed court room that the evidence gathered by the police for the prosecution was insufficient to show any wrongdoing.

The state prosecutor can appeal against the verdict.

Thai police arrested U Tun Min Latt in Bangkok in September 2022, accusing the Myanmar businessman of laundering drug money through electricity trade between the Thai border town of Mae Sai and Tachileik in Myanmar's Shan State.

U Tun Min Latt, who has interests in hotels, energy and mining, and has a history of procuring supplies for the Myanmar military, is a close associate of SAC leader Senior General Min Aung Hlaing, three sources told Reuters.

U Tun Min Latt has denied the accusations that he is the one supplying weapons to the Myanmar military, according to a BBC news report.

“These allegations are not true. We can come to court and solve those allegations. Be fair and we can solve everything. These accusations were made by those who are jealous of me and not happy with me. I have done things correctly. For being close to the powerful elite also, I have a clear conscience,” U Tun Min Latt told the BBC after a court hearing in September.