August 19, 2016

Ministry to continue prosecutions to recover bad debts

Nay Pyi Taw, 21 July — The Ministry of Livestock, Fisheries and Rural Development will continue prosecuting 10 debtors who collectively owe more than K25 billion, a senior official said Tuesday.
The official told the Pyidaungsu Hluttaw that the debtors from the private sector paid back 0.5 percent of the total debt of K31.64 billion after they were slapped with lawsuits in April 2013.
The debtors were prosecuted a second time with more serious charges to protect public property and funds. The settlement of debt then increased from 0.5 percent to 9 percent, leaving the total bad debt remaining at K29.422 billion.
The total amount of debts from the 10 highest debtors including top debtor U Min Thein (Thone Pwint Hsaing), son of U Maung Maung Thein, with K6.755 billion debt, has already declined to K25.592 billion, of which the
highest single debt accounts for K6.756 billion and the lowest K484.844 million.
The official said the bad debts are from the term of former Minister for Livestock and Fisheries U Maung Maung Thein under the militry government, not during the term of present civilian government. MNA


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