06.02.2026 (12:01 PM)

The chairman, vice chairman (1) and secretary of the Yangon Region Gold Entrepreneurs Association have been arrested for hoarding and trading gold bars to destabilize the domestic gold market.

The three were found to have been responsible for maintaining and regulating the gold price, but they themselves were found to have been buying, storing and trading gold bars at the foreign gold market price with the aim of destabilizing the gold market.

U Myo Myint purchased eight gold bars weighing a total of 70 kyats at the foreign market price in January 2026 and stored them for resale at a profit. Similarly, U Myo Thu Win, vice chairman of the Gold Association, purchased 970 kyats of gold bars at the foreign market price in his gold shops between December 2025 and January 2026 and resold them at a profit of 950 kyats. Similarly, Secretary U Nay Myo Htet purchased 319 kyats of gold bars at the open market price in his gold shops between December 2025 and January 2026, and resold them at a profit of 268 kyats.

They violated the prohibitions in the notification issued by the Ministry of Natural Resources and Environmental Conservation by purchasing, storing, and reselling gold bars at a higher price with the intention of destabilizing the gold market. Action will be taken in accordance with existing laws. Gold traders must strictly follow the orders and instructions issued to stabilize the gold market, and effective action will be taken against gold traders who do not comply.

The Yangon Region Precious Metals (Gold) Dealers Association has announced that Chairman U Myo Myint is from Thein Than Sein Gold Jewelry Shop, Vice Chairman (1) U Myo Thu Win is from Academy Gold Shop, and Secretary U Nay Myo Htet is from Shwe Sin Academy Gold Shop.