Three senior officials from the Yangon Region Gold Entrepreneurs Association—including the chairperson, vice chairperson, and secretary—have each been sentenced to three years in prison, according to sources within the gold business community.

The verdict was handed down on March 19 at a court in Pabedan Township. In addition to the prison terms, each defendant was fined 500,000 kyats.

A gold trader confirmed the ruling, stating, “They were sentenced this morning to three years of imprisonment with hard labor, along with a fine of 500,000 kyats.”

The three officials had been arrested in early February over allegations of stockpiling gold bars and engaging in trading practices that disrupted stability in the domestic gold market.

Chairman U Myo Myint purchased eight gold bars weighing a total of 70 kyattha at black market rate in January 2026 and stored them for resale at a profit. Similarly, U Myo Thu Win, vice chairman of the association, purchased 970 kyattha of gold bars at black market rate in his gold shops between December 2025 and January 2026 and resold 950 kyattha of gold for a profit. Similarly, Secretary U Nay Myo Htet purchased 319 kyattha of gold bars at black market rate in his gold shops between December 2025 and January 2026, and resold kyattha of gold for a profit.

They violated the prohibitions in the notification issued by the Ministry of Natural Resources and Environmental Conservation by purchasing, storing, and reselling gold bars at a higher price with the aim of destabilizing the gold market and action will be taken in accordance with existing laws. Gold traders must strictly follow the orders and instructions issued to stabilize the gold market, and effective action will be taken against gold traders who do not comply.

The Yangon Region Precious Metals (Gold) Dealers Association Chairman U Myo Myint is from Thein Than Gold and Jewellery Shop, Vice Chairman (1) U Myo Thu Win is from Academy Gold Shop, and Secretary U Nay Myo Htet is from Shwe Sin Academy Gold Shop.