President Office spokesman Zaw Htay said that illegal possession and money transfer totaling 29 billion kyats has been found relating to the now dissolved Rose Party or United Democratic Party (UDP) chairman Kyaw Myint.

In an investigation last week, 23 billion kyats in his possession and illegal money transfer 16 billion kyats were found, and in this week’s investigation, 18 more billion kyats in his possession and illegal money transfer 11 billion kyats from him, Zaw Htay said.

The spokesman was replying to questions raised by the media at a press conference held at President House.

He said that as a result of these investigations the government had temporarily seized three buildings and premises owned by Kyaw Myint in this money laundering case.

“We temporarily seized the first one asset of a building and land in Pan Hlaing, second asset in Pyinsar shown in our presentations with photos. And also we temporarily seized a building and plot in Hmawbi, so in total three immovable assets,” he told the media.

“Our financial investigation team is now inspecting and investigating these illegally owned assets found in his possession. After that, the investigating team will take over this case. Then this team will present their findings and recommendations in their report to the Central Board Chairman by suggesting under which law and under which section and in which money laundering law he should be prosecuted,” Zaw Htay said.

“The Home Minister is the vice-chairman on this board. The investigation team will present their recommendation under which law and section he should be prosecuted for the money found in his possession and then the government will register a case and prosecute him after getting a nod from the chairman of this board,” he added.