MYANMAR Junta Rewards Crony Arms Dealer With Palm Oil Plum

Irrawaddy-Feb 6

Myanmar’s military regime has permitted the US-sanctioned Htoo Group, owned by a notorious arms dealer, to import over US$5.4 million worth of palm oil per month, according to operators in the edible oil business. The Htoo Group of companies is owned by junta crony U Tay Za, who was sanctioned by the US last year for providing arms to Myanmar’s military. The group is currently led by his sons, who have also been targeted by US sanctions. Businesspeople confirmed that group subsidiary Htoo Trading began importing palm oil last month. A palm oil trader in Yangon said the junta has permitted the company to import at least 15,000 tons of palm oil monthly while setting restrictions for other importers. Importers are also facing problems over their reserves of foreign exchange, which are limited by the Central Bank of Myanmar (CBM). Myanmar people have been suffering high prices for palm oil since the middle of last year as stocks dwindle. According to figures from the Myanmar Edible Oil Dealers’ Association (MEODA), the private sector has little more than 180,000 tons of palm oil in storage. Before the coup, Myanmar imported at least 6,000 tonnes of palm oil per month to meet demand, according to the Ministry of Commerce. Read more at: https://www.irrawaddy.com/news/burma/myanmar-junta-rewards-crony-arms-dealer-with-palm-oil-plum.html