The State Administration Council (SAC) announced that seven rice and paddy business owners who sold rice at inflated prices, as well as four responsible individuals from One Stop Mart, City Mart Holding, Sein Gay Har Holding, and Aeon Orange, will be prosecuted under Article 5 of the Essential Supplies and Services Law.
In an effort to stabilize and promote domestic economic development, the state has been working diligently from all sides. However, some business owners have been significantly inflating rice prices in the domestic market, causing difficulties for the general public to afford rice. As a result, the authorities have conducted investigations into 102 rice warehouses, 25 rice mills, and 7 shops across major cities, including Nay Pyi Taw. They found that 58 rice and paddy business owners were selling rice at prices higher than the fair market prices set monthly by the Myanmar Rice Federation.
The investigation revealed that 27 business owners sold rice at up to 10% above the fair market price, 24 business owners sold at 11-30% above, and 7 business owners sold at 31-70% above the fair market price. Consequently, the 24 business owners who sold rice at 11-30% above the fair market price will be fined and taxed on their profits. The seven business owners who sold rice at 31-70% above the fair market price will be prosecuted under Article 5 of the Essential Supplies and Services Law of 2012.
The seven business owners prosecuted are U Lin Ko Ko Naing, Director of Global Myanmar Trading Company in Hlinethayar (West) Industrial Zone, Yangon; U Kyaw Zaw Lin, owner of Yadanapon Rice Mill in Aung Thaya Ward, Pobbathiri Township, Nay Pyi Taw; U Myint Swe, owner of Kanbawza Rice Trading in Ward 1, Mayangone Township, Yangon; U Lin Htut Naing, Director of Theingi Rice Mill in Ward 4, Hlaing Township, Yangon; U Thein Oo, in charge of Sein Ngar Pwint Rice Shop in Tampawadi Ward, Chanmyathazi Township, Mandalay; U Aung Tin, owner of Thitsar Shin Rice/Oil Trading in Ward 65, Dagon Myothit (South) Township, Yangon; and U Win Zaw, in charge of Thant Rice Shop from the staff quarters of the People’s Hospital, Thingangyun Township, Yangon.
Furthermore, the security forces have inspected 53 shopping centers and large stores selling pre-packaged rice at various weights above the fair market prices set by the Myanmar Rice Federation. The findings showed that one store sold rice at up to 20% above the fair market price, 30 shopping centers and large stores sold at 21-50% above, and 22 shopping centers sold at 51-70% above. Additionally, some shopping centers and large stores were found to be selling rice at inflated prices, including their staff and promotional costs unnecessarily.
Among these stores, the 30 shopping centers and large stores that sold rice at 21-50% above the fair market price will be fined and taxed on their profits. The four responsible individuals from the 22 shopping centers that sold rice at 51-70% above the fair market price will be prosecuted under Article 5 of the Essential Supplies and Services Law of 2012. These individuals are U Myo Thant, Director of One Stop Mart from Myittanyung Ward, Tamwe Township, Yangon; U Phyo Min Kyaw, Chief Executive Officer of City Mart Holding Company from University Avenue Road, Bahan Township, Yangon; U Maung Maung Win, Management Director of Sein Gay Har Trading Company from Saw Yan Paing (West) Ward, Ahlone Township, Yangon; and Mr. Kasamatsu Hiroshi, Director of Aeon Orange from Ward 7, Yankin Township, Yangon.
Due to these inflated rice prices, basic consumers have had to purchase rice at high prices, disrupting the stability of the national economic market. Thus, effective legal action will be taken against those responsible. The public is encouraged to report any excessive pricing they encounter to the relevant security authorities confidentially, the SAC announced.
