Certain domestic companies with foreign ties have been advertising
themselves to the public as investment banks, however they do not have licenses
to operate and therefore their activities are illegal, Burma’s Ministry of Finance and Revenue (MFR)
has warned.
Dr. Maung Maung Thein, the MFR
deputy minister, did not mention by name the companies he was referring to, but
said that they had been guilty of advertising via the media and the Internet to
act as investment banks and had falsely claimed that they had government
permission to conduct financial affairs in Burma.
“A couple of companies with foreign
connections have been advertising in the media and stating that they have
already obtained permits to conduct investment banking [in Burma],” he said.
“There have also been reports that those companies have been sending out emails
inviting the public to invest through them.
“No foreign institution has yet
been given license to operate inside Burma. They are not even allowed to open
offices in this country,” he said.
According to the Myanmar Monetary
Organizations Law, anyone involved in financial activities without official
permission shall be subject to a 50,000 kyat [US $60] fine, a five-year
imprisonment or both.
The MFR deputy minister added
that the general public must be wary of monetary organizations such as the
cooperative credit societies which deceived people in the past and left behind
many bitter memories.
“Some monetary and financial
organizations can be very deceitful,” he continued. “They promise substantial
interest and dividends to those who invest with them. Many people do. Then, the
firms take all the money and run away.”
Thet Htun Oo, the senior manager
at Myanmar Securities Exchange Centre, suggested that people should invest
money or buy shares only after they have made proper inquiries, and be
especially vigilant as to the background of the company they are dealing with.
According to Dr. Aung Ko Ko, a
Burmese economist living inside Burma, the government’s monetary policy and the
Central Bank’s monitoring of financial organizations are important for the
economic development of Burma and the stability of the currency.
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