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Updated on October 8, 2018 From Daily Eleven

Yangon New World Project, Mya Yeik Nyo hotel services already suspended

YANGON- As Zaykabar Company failed to follow agreements stated in the MoA signed with the Quartermaster-General Office, Yangon New World Project and Mya Yeik Nyo hotel services being operated by Zaykaba Group have been suspended and will soon be completely shut down.
        This information came from Moe Min Win, Secretary of Office of Garrison Town Development Committee (Yangon) yesterday.
        The company had demolished two ancient heritage buildings without approval before the MoA was signed and they had wrongly described via print media (State owned newspaper) that foreign investment has been allowed to partake in the construction projects. Private businesses, unless agreed upon, weren’t allowed to operate at army-owned land plots, according to the press conference held at the office of Garrison Town Development Committee (Yangon) on October 3rd.
        “Currently, we had ordered the company to cease and desist their operations. If the instruction gets issued, we are going to completely remove the empowerment for the entire project from the company,” said Moe Min Win. “The Quartermaster-General Office and Zaykabar Company signed the MoA on January, 2014 to develop the property project. The company agreed to pay US$41.382 million as land leasing fee in five installments within a two-years time but they only paid two times. The rest of the leasing fee is still overdue. The company also announced cooperation with China based Human Land Overseas Real Estate Development Co. Ltd. without seeking approval from the authorities. Furthermore, the company demolished two ancient heritage buildings and two historical buildings without approval before the MoA was signed. We informed the chairman of the company to cease their work on May 10 2018,” said the secretary.
        He also claimed to have learnt of the issue, of locals being concerned about potential damage to Kokkine reservoir and nearby places due to the property project and Yangon City Development Committee (YCDC) prohibited it, from a story reported in June 11 issued Daily Eleven newspaper. He said he saw the report and also informed the YCDC to not allow it.
        Moe Min Win said that authorities found out from the state-owned Mirror newspaper that Zay Kabar Company entered into cooperation with China State Construction Engineering Corporation to develop Yangon New World property project using US$500 million. The Garrison Town Development Committee made an objection to the company that the international cooperation was not in line with the agreements in the MoA signed with the Quartermaster-General Office in 2014 as well as the demolishing four buildings including two ancient heritage buildings without approval. The company announced the joint-venture with Chinese company in state owned newspapers without seeking any approval from respective authorities.
        The company demolished four buildings out of 12 buildings located on 6.879 acres of land owned by the army. They are House C, House D, House E wings of the old Mayor’s Residence as well as a showroom building. YCDC informed commander No. 954 Works Company (Engineer) on August 1 that House D (Mya Yeik Nyo Hotel) and House C (Mya Yeik Nyo Royal Hotel) were recognized by the YCDC as ancient heritage buildings announced in June 1996.
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