In March 2022, U Khin Shwe, the owner of Zaykabar Company, who had been arrested and detained under Section 24 of the Ancient Buildings Preservation Law, was reportedly released due to health reasons.
According to BBC News, some family members and close associates confirmed that U Khin Shwe, the owner of Zaykabar Company, was released on September 28.
During his detention, U Khin Shwe underwent brain surgery in April 2024 at Yangon General Hospital, specifically in the neurology department, due to a neurological condition.
It is reported that U Khin Shwe was released on medical grounds.
U Khin Shwe, the owner of Zaykabar Company, was charged under Section 24 of the Ancient Buildings Preservation Law by Bahan Township Police Station after being sued by a deputy colonel from the Yangon Military Command.
On the night of March 21, 2022, the Western District Police Force entered and arrested U Khin Shwe at his residence in Shwe Taung Gyar 1 Ward, University Avenue Road, Bahan Township, and transferred him to Insein Prison.
The case stemmed from a January 16, 2014, agreement (MOA) signed between U Khin Shwe and the Adjutant General’s Office, allowing Zaykabar Company Limited to develop a hotel business under the BOT (Build-Operate-Transfer) system on 13.794 acres of land, including the buildings, which belong to the Ministry of Defence on Pale Road, Bahan Township. According to the MOA, U Khin Shwe agreed to pay a land premium of $3 million per acre, totaling $40.382 million for 13.794 acres, and an annual rental fee of $1.2 million for 80,000 square meters at a rate of $15 per square meter. Zaykabar was also required to finalize the BOT agreement within six months by obtaining approval from the Attorney General’s Office, the Myanmar Investment Commission, the Regional Government, and relevant ministries. Additionally, the MOA stipulated that Zaykabar would pay 20% of the land premium within one month, another 20% within six months, 20% after one year, another 20% after 18 months, and the final 20% seven days before the grand opening. This information was outlined in the lawsuit.
Subsequently, U Khin Shwe was sentenced to seven years in prison under Section 24 of the Ancient Buildings Preservation Law in 2015.
