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Published on Wednesday, 06 February 2013 14:53
The chairman of Myanmar Gems Entrepreneurs Association, tycoon Tay Za, has once again submitted his resignation letter only to have it rejected by central executive members.
Tay Za cited health reasons in his resignation letter, but these were rejected and he was asked to remain chair of the association till the end of this year, members said.
There were quick to dismiss speculation that his resignation request was related to his place on the US sanctions list. The United States imposed sanctions against him and his companies in 2007 due to his close relationship with the military junta that ruled the country then. Tay Za’s major business interests include Htoo Trading, Air Bagan and AGD bank.
Myanmar Gems Entrepreneurs Association vice-chairman San Myo told a press conference at the end of last month that the association demanded that Tay Za keep his position until the end of this year.
The association’s secretary Kyaw Htay said that Tay Za’s leadership was critical to ensuring Myanmar’s gem sector developed from trading unfinished gems to making jewelry.
“Gems and jades are abundant in Myanmar, but the finished-product market has not developed yet. There are finished-product markets in Thailand and China. We consider that it is the duty of our association to develop the finished-product market,” Kyaw Htay said. “As our chairman works for the association with heart and soul, so we asked him to continue his duties until year-end. All central executive members have agreed to submit a letter to the chairman asking him to remain.”
Tay Za has chaired the association since 2007. He submitted a resignation letter in 2011 after surviving a helicopter crash. The letter was rejected. His most recent resignation letter is dated December 5 last year.