A rice company owner from China’s Hubei Province has reportedly run away and gone into hiding without paying over ks10 billion for rice purchases to some rice merchants from Myanmar as well as from Ruili.

 “We are sure it’s cheating. He has run away after cheating 10 local merchants from Muse and Mandalay and those from China out of over Ks10 billion. His name is Luo Jianfang. He swindled Ks2.6 billion from Myanmar merchants and over Ks8 billion from merchants in China’s Ruili. He is going into hiding,” said Min Thein, vice chairman of Muse Rice Wholesale Market.

He added that those who the swindler owed money to had taken out parts of his rice mills.

A meeting will be called at the muse wholesale market on December 7 while measures will be taken to take legal action against the Chinese swindler after bilateral talks through the Ministry of Commerce. 

“We will call a meeting at the wholesale market tomorrow (December 7). We will contact those who were cheated. We will ask them for precise lists of how much they were cheated. Through the Ministry of Commerce we will seek bilateral diplomatic talks. We will file a lawsuit if necessary. His company is registered in China. We can say about details only after the meeting,” Min Thein said. 

Myanmar’s paddy yield has decreased by 10 to 15 percent this year due to climatic conditions amid global climate change and the Covid-19 pandemic.

The case happened after a Chinese company had asked brokers from across Myanmar for rice purchases after paying them Ks500 per bag of rice. 

Currently, rice trading at Muse border trade zone is going as normal as before. Through the zone, 45,000 to 50,000 bags of rice go to Ruili daily.