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Published on Wednesday, 28 November 2012 21:58
Theinphyu port which has been leased to a private company under a build, operate and transfer (BOT) system (Photo – Aung Myo Thant/EMG)
A member of the presidential advisory group has been allowed to run port services in Theinbyu port area in Yangon, including the construction of a jetty, sources from the Directorate of Investment and Companies Administration claim.
The Myanmar Investment Commission (MIC) leased out part of the port area to KMA Shipping Co Ltd owned by Khin Maung Aye, a member of the National Interest and Social Advisory Board under President Thein Sein.
Khin Maung Aye is the president of KMA Group of Companies as well as chairman of Cooperatives Bank, one of the private banks in Myanmar.
MIC is also under the chairmanship of Soe Thein, who is one of the six ministers at the President’s Office.
Under the proposed Myanmar Citizens Investment Law, the lessee will be granted tax exemption for importing machinery worth 14.7 billion kyats (US$17 million).
The company invested 58.6 billion kyats ($68 million) to build a jetty and operate port services on 22.62 acres of leased land under a build-operate-transfer system.
KMA Group of Companies has a wide array of business interests including in hotel and tourism, shipping, housing, machinery, construction, timber, agriculture, import and export, information technology, car dealership and art.