September 23, 2017

A mechanism to monitor dishonest business activities is needed

As more people in Myanmar are now working in partnership with more foreign companies, there are opportunities as well as traps for them.
Recently, a businessman form a neighbouring country registered a company in Myanmar for an advertising website in his home country.  People who worked with him were required to deposit their own money before they could work with him and had to post advertisements on the website to get their salaries. The amount of salaries depended on the amount of money deposited. For some time, people working with him were paid salaries regularly and other people began to take interest in his advertising firm. When he knew a lot of local people started taking interest in his company, he raised the salaries for workers and invited more deposit money from other people who were interested in his company.
A large number of people deposited their money with him but he disappeared from Myanmar a few days later with almost all the deposited money. Although some of his victims filed complaints against him at police stations, no effective action could be taken as he had been out of Myanmar. Company registration authorities could notdo anything to help the victims. It is also not known whether the embassy of the foreign businessman cooperate with authorities to arrest him.
To prevent such undesirable incidents in the future, it is necessary to set up a mechanism to monitor the activities of dishonest businessmen who are likely to break law in order to protect the interests of local people.

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