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Myanmar Arrests 11 Individuals for Rice Price Gouging

Myanmar Arrests 11 Individuals for Rice Price Gouging

Myanmar's authorities detain 11 people, including a Japanese executive, for selling rice at inflated prices amidst economic instability.

Myanmar's military authorities have apprehended 11 individuals, including a Japanese executive, for selling rice at prices exceeding regulatory limits. These individuals, comprising rice traders, millers, and retailers, face accusations of selling rice at rates up to 70 percent higher than permissible levels amidst profound economic turmoil due to the ongoing conflict in the nation. Among the detainees is a Japanese executive, Hiroshi Kasamatsu, from Aeon Orange supermarket operator. His arrest has led to tensions with Tokyo. Authorities indicated suspicions of Kasamatsu and three Myanmar nationals engaging in price gouging to incite economic disruption. Turmoil has engulfed the impoverished Southeast Asian country since the military seized power in 2021, ousting the democratically elected government of Aung San Suu Kyi. This seizure sparked nationwide protests that escalated into violent confrontations and widespread armed resistance, displacing over three million citizens. In a bid to stabilize the rapidly depreciating currency, Myanmar previously detained 35 individuals involved in illegal gold and foreign exchange trading. The disparity between official and black market exchange rates has posed significant challenges for rice traders, impacting planting, harvesting, and transportation processes. Rice prices have surged over recent months, with traders asserting that adhering to official rates would incur losses. State media attributes the price hikes to the El Nino weather phenomenon and market speculation. Amid these events, Japanese authorities are engaged in dialogues with Myanmar police over the detainment of a Japanese national in Yangon. Japan seeks the individual's prompt release and pledges support, communicating with the detainee's employer for assistance.
Source: ALJAZEERA
Source: ALJAZEERA

ALJAZEERA MEDIA NETWORK

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