Yathai International Holding Ltd which was permitted to develop Shwe Kokko New Town Project is said to be leaving commencing from mid-September.
Yathai’s Myanmar partner is Chit Linn Myaing Co owned by Col Saw Chit Thu, a top brass from Kayin Border Guard Force (BGF).
An announcement dated 4th September is flooding the social media, and it says that Yathai has decided to withdraw from investment in Myawady. However, the statement can not be confirmed yet.
The announcement calls for withdrawal of the company and the entrepreneurs not later than 20th September as Yathai has to suspend all of its town development activities for an unlimited period for certain political reasons.
The announcement says that it will be effective commencing from 15th September. However, when Maj Naing Maung Zaw from BGF was contacted for comment, he said this statement can be a fake one.
“I do not have the vaguest idea of the news about Yathai. You see, I’m concerned with the military affairs only. But the responsible personnel are saying this announcement is not an authentic one,” says Maj Naing Maung Zaw.”
Shwe Kokko Project is a big foreign direct investment of Yathai involving construction of an international airport, luxury apartments, a 1,200-room hotel, casinos, variegated resorts, shopping centers, industrial zones, warehouses, ports, international universities, a science and technology zone, recreation zone for the tourists, an indigenous races’ traditional cultural zone, an economic zone, an agricultural zone, cinemas and hot springs. The project is to be completed in 2027.
Nevertheless, this area has earned notoriety with cases of cross-border crimes, trafficking in person, and online fraud occurring. And this has caused concerns on the part of China, India, and Thai, resulting in exerting of international pressure to suspend this project.
This being so, the Kayin BGF has issued a warning to the money frauding gangs to move out of Myawady and its surrounding areas within six months.
“The money fraud gangs are moving out one after another, but there are some left yet,” said the BGF major.
The announcement says that those leaving shall inform the combined office by 8th instant, that they are to leave with the vehicles arranged by the company and if this rule is not followed, they will provide their data and particulars to the interpol and Myanmar Police Force.
