Myanmar Junta Detains 11, Including Japanese National, for Rice Price Manipulation
Published on: July 1, 2024.
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July 1 – In an effort to stabilize Myanmar’s struggling economy, the ruling junta has arrested four executives from supermarket chains, including a Japanese national, for allegedly selling rice at inflated prices. The arrests come as the country grapples with escalating violence and widespread poverty following the military coup in February 2021.
According to state media, a total of 11 people, including rice traders, officials from rice mills, and rice retailers, have been arrested on charges of inflating rice prices by 31%-70% from prescribed levels. The Global New Light of Myanmar newspaper reported these arrests.
In response to the situation, Japanese Chief Cabinet Secretary Yoshimasa Hayashi stated that the Japanese government is in contact with the company the Japanese citizen works for and is offering necessary support. The government is also urging local authorities in Myanmar for the early release of the individual.
Among those arrested is an executive from Aeon Orange, a supermarket chain that is a joint venture between Japan’s Aeon Co and Yangon-based Creation Myanmar. The junta spokesman did not provide any comment on the matter.
According to the World Bank, poverty in Myanmar is at its highest level in the last six years, exacerbated by widespread protests and armed resistance following the military coup. Additionally, labor shortages and a depreciating currency have presented challenges for businesses operating in the country.
In an attempt to stabilize the currency, the junta has recently cracked down on gold and foreign exchange traders, as well as agents selling foreign real estate. These actions are part of the government’s efforts to control the rapid depreciation of the Myanmar currency.
Source: [Hindustan Times](https://www.hindustantimes.com)
