Lease of Kandawgyi property creates huge losses for Region: report
Yangon Region suffers huge losses from the leasing of 25 acres of land around Kandawgyi Lake in Yangon to the Zaykabar Company, according to a report submitted by the Auditor General of Yangon Region at a special meeting of the regional parliament on Nove
The company only pays Ks 30 million per year for the property. Karaweik Garden, one of the premises at the lake, was rented to the company in 2010 for 30 years at an annual rate of Ks 1.2 million per acre, the report says.
The report also says Yangon Region suffers an overall loss of Ks 1.05 billion per year as a result of the deal.
It also pointed out that the terms of the rental agreement were made favourable only for the company.
The report urges the Yangon Region government to review the deal as the first five-year term of the rental expired on August 30 this year.
The report also urges the Yangon City Development Committee to supervise the park management systematically to ensure public satisfaction, as the company is behaving as if it owns the land by subcontracting and collecting entrance fees to the park.
Dr Khin Shwe, the owner of Zaykabar Company, which is involved in construction and telecommunications operations, is related to Union parliament speaker Thura Shwe Mann by marriage.
Thura Shwe Mann was elected to the parliament representing Yangon Region’s Constituency No 8 in 2010; he lost his seat in the 2015 election.
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