The State is suffering losses without receiving the rental it deserves from the Daw Khin Kyi Foundation for its use of State-owned land, according to findings, Myanmar Radio and Television (MRTV) announced on March 17.
The MRTV news release was also carried in the March 18 issue of the State-run English newspaper The Global New Light of Myanmar.
The Daw Khin Kyi Foundation leased the land and building at No. 60, Takatho Yeiktha Road, Bahan Township, from the Yangon Region Government at Ks1.5 million per month for a five-year contract from 22 January 2019 to 21 January 2024 and opened its head office there.
According to the Union Auditor-General Office, if the land lease and building for the foundation in Yangon is calculated following the standards and taxation for the 2018-2019 financial year of the Internal Revenue Department, the land lease and building causes a loss of Ks2.607 billion per year. Similarly, if the lease of land and building is calculated at the rate of the private real estate businesses in March 2021, the hire causes a loss of Ks1.4 billion per year.
When a rent for the land or building is decided, the cost shall be set at a street value in an area where a state-owned land and building is located, but the fee calculated at a street value rate can be underestimated if the hire of a project is considered a priority for the development of the country’s economy and investment, said a directive of the President Office in 2018. However, it is found that the directive is not concerned with a non-governmental or social organization, MRTV said.
According to the Union Auditor-General Office, it is found that the buying of land for the La Yaung Taw Horticultural Academy and Facility Site in Nay Pyi Taw at Ks5 million per acre rate causes a loss of Ks26.43 billion if calculated at the taxation rate over land sales for the wide road project set by the Nay Pyi Taw Thiri-5 Township Revenue Department of the Internal Revenue Department for the 2018-19 financial year and causes a loss of Ks18.15 billion if calculated at a rate for an inner road project.
When the investigation was launched into the construction of a one-story L-shaped facility site-building measuring at 105ftx64ft and 144ftx56ft for the La Yaung Taw Horticulture Training Academy-HTA in Nay Pyi Taw, Thiha Min Swe Company confessed that the building was constructed at the cost of Ks1.06 billion for Daw Aung San Suu Kyi on the land owned by the foundation. The building is intended to be used as a museum in the future.
Hence, it is found that the State did not earn the rent it deserves for using the land owned by the State. The construction of a building with finance from the foundation for the chair of the foundation has deviated from the foundation’s objective, which pledges to uplift the people’s health, education, and socio-economy. Further extensive investigation is being conducted into the Daw Khin Kyi Foundation’s cash flow, expenditure, and savings. More formation will be released when the investigation completes, MRTV announced.
