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Outstanding 520 million kyat from missing Magway Region fund paid back


According to the Magway Region government, the last outstanding amount of 520 million kyat from missing funds collected from small scale hand-drilled oil well businessmen was paid back to the government on July 31 in the afternoon.

Magway Region Government Chief Minister Aung Moe Nyo told media that former Chief Minister Hpone Maw Shwe paid back the missing funds of over 1.57 billion kyat in instalments; 300 million kyat on May 4, 500 million kyat on May 5, 200 million kyat on May 30 and finally the last outstanding amount 520 million kyat yesterday as he promised.

The Chief Minister added that four vehicles, one-wheel loader, two outboard motors which were donated to Magway Region Union Solidarity and Development Party (USDP) by the previous government had already been given back to the incumbent Magway Region government on April 30 in the evening.

According to the Magway Region government, an audit team reported that 7.459 billion kyat donated by small scale hand-drilled oil well businessmen to former CM Hpone Maw Shwe’s government was missing from state coffers, out of which 1.7 billion kyat was transferred to USDP party and another 1.7 billion kyat was transferred to Shwe Thu Kha micro finance association. 

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