Myanmar's military authorities have arrested 11 individuals, including a Japanese executive, for allegedly selling rice at prices higher than the prescribed levels.
High Rice Price Row: Myanmar Military Arrests 11, Including Japanese Executive
The detainees, which include rice traders, millers, and retailers, are accused of selling rice at prices up to 70 per cent higher than the acceptable levels set by the authorities.
The detainees, which include rice traders, millers, and retailers, are accused of selling rice at prices up to 70 per cent higher than the acceptable levels set by the authorities, Reuters reported.
Among those arrested was a Japanese executive, whose arrest has caused friction with Tokyo. A director at supermarket operator Aeon Orange, Hiroshi Kasamatsu was detained following an investigation into rice mills and supermarkets, the authorities’ information team said late on Sunday.
It said that Kasamatsu and three Myanmar nationals were suspected of price gouging “with the aim to make economic chaos”.
The impoverished Southeast Asian country has been in turmoil since the military took control in 2021 after deposing the elected civilian government led by Aung San Suu Kyi.
The move triggered widespread protests that turned violent and have since transformed into nationwide armed resistance. The conflict has forced over three million people from their homes, according to the United Nations.
In early June, Myanmar arrested 35 people in an effort to crack down on gold and foreign exchange traders, along with agents selling foreign real estate, with the aim of stabilising a rapidly depreciating currency.
However, rice traders say the mismatch between the official foreign exchange rate and black market rates causes significant problems.
(With agency inputs)
Show comments