Sunday, February 7, 2010

Kanbawza Bank acquires Myanmar Airways

Aung Ko Win, a business tycoon and owner of Kanbawza Bank, had bought Myanmar Airways shares. With reports confirming from local weekly in Rangoon, the ‘7 Days Journal’ on Wednesday also reported that Kanbawza Bank, after acquiring 80 per cent shares, has taken over the management of the Myanmar Airways.Kanbawza Bank official in Rangoon expressed their ignorance on the subject said they were not aware of the deal further thereon no senior manager were available to provide an answer. Myanmar Airways started its operations in 1993 with a joint venture Singaporean Company Region Air (HK) Ltd.Share percentage of the Myanmar Airlines were 51 per cent and the managing rights, the Singaporean Company held the remaining 49 per cent. Myanmar Airways is the largest Burmese airline, but failed its obligations into international operations,therefore forced to suspend its international flights in late July 2008,as it failed to meet international safety standards. Aung Ko Win, Chairman of the Kanbawza Bank, close to Burmese military junta’s second-in-command Vice-Senior General Maung Aye. Aung Ko Win is few businessmen, get special permits for business ventures in Burma. Zaw Win Naing, the Managing Director of Kanbawza Bank is the son of the former military intelligence officer Brig-Gen Than Tun and is also the foster son of Aung Ko Win.Myanmar Airways,national carrier has sold 80 per cent of its shares to the privately held Kanbawza (KBZ) bank along with control of the management, sources and media reports said.

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