Categories: World & Africa

Myanmar Military Junta Seizes Bank A/C of billionaire George Soros’ OSF Over Charges Of Funding Opposition Protests

The military junta in Myanmar has seized control of the bank accounts of billionaire George Soros’ Open Society Foundation (OSF) accusing it of funding the massive protests that have gripped the country.

Local authorities detained Phyu Pa Pa Thaw, an official from the Open Society and are also looking to arrest 11 other employees on suspicion the controversial NGO passed funds to opponents of a Feb. 1 coup.

Opponents of military junta launched a civil disobedience movement to press the generals to reverse their coup, to free detained government leader Aung San Suu Kyi and to recognise her party’s Nov. 8 election victory.

According to a report in ‘The Global New Light of Myanmar’, a publication seen as a mouthpiece of the military, the Open Society Myanmar (OSM) organization transferred funds without seeking permission from the Foreign Exchange Management Department.

According to authorities, OSM failed to obtain approval from the Central Bank of Myanmar (CBM)’s Foreign Exchange Management Department for a deposit of US$5 million (7.04 billion kyats) with the Small and Medium Enterprise Development Bank (SMED) in Myanmar in 2018.

The foundation also faces charges of illegally withdrawing $1.4 million from its account at SMED a week after the military takeover in Myanmar, as the civil disobedience movement was gaining momentum among civil servants across the country.

The supporters of Myanmar miltary junta have long accused Soros of manipulating Myanmar’s politics by supporting civil society organizations in the country.

OSM has refuted the allegations.

“Claims of financial misconduct, including that OSM acted illegally by withdrawing their own funds in local currency from the SMID bank, are false,” Open Society Foundations said.

-Swarajya

Share

Recent Posts

Zimbabwean Driver Locked Up in DRC After His Truck Kills 18 People in Deadly Accident

Reports from concerned drivers in the Democratic Republic of Congo (DRC) indicate that Jeremiah Kamuterera,… Read More

29th March 2024

Police Investigate Discovery of 20 Young Women Linked to Madzibaba Ishmael Cult in Harare Hideout

The Zimbabwe Republic Police (ZRP) has launched an investigation after discovering 20 young women who… Read More

29th March 2024

CAPS United Humiliated as New Boys Bikita Minerals Secure First Premiership Victory…ZPSL Results

 In an electrifying showdown at Rufaro Stadium, newly promoted side Bikita Minerals clinched their maiden… Read More

29th March 2024

No loss of value through introduction of currency stabilization measures- David Mnangagwa

The Deputy Minister of Finance and Investment Promotion David Mnangagwa has attributed the current surge… Read More

29th March 2024

Mnangagwa prematurely ends Mangudya’s tenure as RBZ governor

HARARE – President Emmerson Mnangagwa on Thursday brought forward by a month the appointment of… Read More

29th March 2024

Tragedy Strikes as Bus Plunges Off Bridge in Limpopo, Killing 45 ZCC Church Mmembers

SOUTH AFRICA: A devastating bus accident on the R518 in Limpopo's Waterberg district has led… Read More

29th March 2024