Pro-military business tycoon arrested by junta

24 March 2022
Pro-military business tycoon arrested by junta
Myanmar Chairman of property group Zaykabar Company Khin Shwe (L), and CEO of Ruby Dragon Jade & Gems Company Ltd Ne Win Tun (C), attend a business conference hosted by Myanmar State Counsellor and Foreign Minister Aung San Suu Kyi in capital city of Naypyidaw. Photo: AFP

Business tycoon Zaykabar Khin Shwe and his son Zay Thiha were arrested at their home in Bahan Township, Yangon, by police on 22 March and then sent to Insein Prison on the same day, according to local news reports.

Apparently, they were both arrested on charges related to renting buildings owned by the junta Ministry of Defense. The case was filed at Bahan Police Station on 11 February by a Lieutenant Colonel from the Yangon Command, according to the reports.

The men have been charged under Section 24 of The Protection And Preservation of Ancient Buildings Law, according to sources.

A source close to the military said that Khin Shwe did not pay the rent in full for buildings owned by the Ministry of Defense rented out to him.

Khin Shwe served as an Upper House MP from 2011 to 2016. He is the chairman of Zaykabar Construction, one of Myanmar’s largest construction companies.