EBO
News Summary:
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1.
2. May Dept. Stores "Makes the Right
Choice", Joins
3. International Campaign against Austrian
Airlines/ Lauda Air
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urged those who have borrowed from crippled
banks to repay their debts quickly
to alleviate the plight of depositors and
the country's economy, a newspaper
reported Sunday.
The New Light of Myanmar newspaper quoted
Gen. Khin Nyunt, the No. 3 leader
in the junta, as saying that the condition
of crippled banks has improved in
the last few weeks but much more needs to be
done.
"I would like to urge those who have
taken loans from the banks to strive to
repay their debts speedily in consideration of
those who had deposited money
in the banks and to ensure long term
interests of the banks and to strengthen
the national economy,'' he was quoted as
saying.
Khin Nyunt was speaking at the annual
meeting of the Federation of Chamber
of Commerce and Industry on Saturday, the
newspaper said.
from the country's 20 private banks following
the collapse of about a dozen private
financial companies.
The companies had illegally sold shares to
the public, offering greater returns than
the interest given by banks.
Assurances given by the Central Bank
governor on Feb. 10 exacerbated the run
on the banks because many account holders
believed the rare comment by
a normally tight-lipped government hid a
big underlying problem.
In a bailout package, the Central Bank is
believed to have given a total credit
of 25 billion kyat to the Asia Wealth Bank,
the Kanbawza Bank and
the Yoma Bank _
three of the biggest private banks in the country.
The amount is worth about US$4 billion at
the official exchange rate or
US$25 million at the
widely used black market rate.
Still, the rush for withdrawals led the
three banks to suspend credit card
services, and the Central Bank imposed a limit on
withdrawals.
Depositors were allowed to withdraw
500,000 kyat a week on Feb. 18 and
the amount was later reduced to 100,000 kyat
a week. Lately, some major
banks have further reduced the withdrawal limit
to 50,000 kyat a week.
Many people have been forced by banks to
repay their loans, often selling
their assets, mostly cars, at a loss, said one
businessman forced to repay
his loan who spoke on condition of anonymity.
A second-hand car dealer said one of his
customers sold his vehicle in desperation
for about half the market price because of
pressure to pay back his loan.
Ordinary people who took out loans to buy
consumer goods or property have
also been hard hit by the new bank
regulations.
"This is a breach of contract by the
bank. I have been paying the interest regularly
and I have the right to get an extension for
the loan as I have given collateral
for the loan,'' said Khin Khin
San, who said she had bought a plot of land
with the money.
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FOR IMMEDIATE RELEASE:
Contact: Jeremy Woodrum,
202-547-5985
May Dept. Stores "Makes the
Right Choice", Joins
Owner of 14 Mega-Chains is 40th Company to
Ban Burma Goods in 3 Years
giant and owner of 14 chains including Foley's,
Lord & Taylor, Hechts,
Strawbridges, Robinsons-May, and David's Bridal,
informed the Free Burma
Coalition that it will no longer sell
products made in the Southeast
Asian country of
of modern-day slavery. The company, which
had $13.5 billion in sales
last year, posted the change in policy on its
website yesterday, making it the 40th
banned "Made in
dropped 27% in the past year - a sharp reversal
compared to a previous
surge in imports.
May joins dozens of major retailers in its
decision, such as top
competitors Federated Department Stores and Saks, as
well as Wal-Mart,
Costco, Gart
Sports, Tommy Hilfiger, Fila, Hanes, The Spiegel Group, and
Jones Apparel. Companies are boycotting Burmese products
due to the
links between the country's garment industry
and forced labor, which
were described by the U.S. State Department in
its most recent human
rights report on
contributed materially to the construction of
industrial parks
subsequently used largely to produce manufactured
exports including
garments."
weapon of war and for having the world's largest
number of child
soldiers, most of whom
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Press Release
International Campaign against
Austrian Airlines/ Lauda Air
Campaign Organisations, trade unions and
partner organisations from all over
start a campaign today in 13 countries against
Austrian Airlines / Lauda Air because
this company recently started flights to
This coalition of organisations today
wrote a letter to Dr. Joseph Burger, CEO of Austrian
Airlines (Lauda
Air), stating: “To our great dismay we
learned of AUA/Lauda Air’s direct
weekly flights from
abuses and forced labour on a massive scale.
acknowledged the results of the 1990 elections, in
which the National League for
Democracy (NLD), led by Nobel Laureate
Aung San Suu Kyi, won over 80 percent
of the seats. To date, the military junta
has still not handed over power to the
democratically elected government.”
The Burmese Democratic opposition and the
International Labour Organisation (ILO)
called for sanctions. The EU and the Burmese
Democratic opposition have also called
for a boycott on tourism.
Burma Campaign Organisations, trade unions
and partner organisations in
unacceptable. Therefore, all Burma Campaign
Organisations urge them to cease
flights to
in power and the Burmese democratic and
ethnic opposition requests a tourism boycott.
At the Annual International Conference of
European
meeting in
an international public and media campaign
against Austrian Airlines/Lauda Air.
All organisations will continue this
campaign, including public demonstrations and
the mass-release of protest cards, until AUA/Lauda Air ceases its flights to
indefinitely.
Since last November
asked AUA/LA to stop its flights to
to these requests. Today a worldwide public
campaign starts. In several countries
public protests will be organised in the months
to come. The campaign is opened
in
with a public demonstration in front of AUA’s Dutch office, on Monday the 31st.
For more information:
tel: 31-20-671 6952
e-mail: [email protected]
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